Your time has value and if you ever went to sell to another investor they would evaluate it assuming they would be paying property management. 10% of gross rent and 1/2 months leasing commission is the norm where I am.

(MLS: 50095070)Here are the details:$312900 / 1br - 5400ft² - 8-Unit Apartment (Green Bay, WI)Asking price: $312,900Rent roll: $3,730/monthProperty management: $404/monthMaintenance: $635/month (includes landscaping, snow removal, and repairs)Utilities: $435/month (Electric, gas, water, sewer)Taxes: $7,100/yearInsurance: $1,500 (estimate)Gross income: $44,760/yearExpenses: $26,288So my question, at what price and financing would this be a good cash flow property?

I agree that reserving 40% off the top of the gross rents for expenses is a good idea. 

Just be careful of the wording and remember its a deposit for damage its not going to increase your gross income since it should be refundable.

This is a bit vexing to me especially because the other homes in the neighborhood are renting for a similar price but have much higher values overall.EFFECTIVE GROSS INCOME (10YEARS) @1300/mo.Potential Rental Income = 156,000Vacancy = 15,600Concessions/Delinquent Rent = 1560Net Rental Income = 138,840OPERATING EXPENSESInsurance = 15,000Taxes = 24,326Repair/Maintenance = 15,000Property Management = 15,600Landscaping/Pest Control = 4500NET RENTAL INCOME AFTER OPERATING EXPENSES = 64,414MORTGAGE EXPENSE (~$800 a month principal and interest) = 96,000NET CASH FLOW =

Asking price: $249,000.00 owner financing with 50% down for 3 years at a rate of 5.625% Total number of units: 4 all two beds one bath and all fully rented out Cap rate: 9% Monthly gross income: $3,275.00 Expenses: Tax: $5,658.37 /12 = $471.23 Insurance: $5,513.27 /12 = $459.44 Pet control: $120.00 Landscaping: $80.00 Water: $202.00 Maintenance and repairs: $3,275.00 * 15% = $491.25.00 CapEx: $3275.00 * 12% = $393.00 Mortgage payment: $713.81 Total Monthly Expenses: $2,930.73 Cash flow: $3,275.00 - $2,930.73 = $344.27 Cash on cash = $344.27 * 12 / $125,000.00 = 3.30% Please advice

That rules of thumb says 50% of your gross scheduled income will go to expenses, capital and vacancy. 

Here if gross rents would be 4 X $350 = $1,400 X 12 = $16,800 Gross rents divided into $200,000 get a GRM of 11.9 . 

Since the credit lending decision is made based on the borrower's capability to repay debt and not your tenant's, the bank will always take the conservative approach and take your gross adjusted income.

The gross rent is 3300 a month but we pay gas and electric, the units are fully rented all the tenants have been in the building over 2.5 years.