It will be the 3 units as in the one I'll be living in, I wouldn't care much of its condition... if I manage to find fourplex.I'll have that $10,000 for backup, in case of vacancy and other expenses, and I want to know how much I can dip into it.

We also partner with other local businesses to bring value to our tenants (and the local business).Our market has seen many new units come on-line in the past three years (200 in the vicinity of universityville) and vacancy is up >60% in the past two years  {which sounds drastic until put in context: vacancy went from <4% to 6.7%}.  

I suspect that may be without even considering vacancy.2.

But, there's no deal on here, based on rental income, it's negative cash flow with only minimal repairs, and the occasional vacancy, let alone major repairs/damage.

So my analysis: Rent at: $850 include gas heat [costs 100 to 200 per month average out one year] one garage space $60 Rental income: 1760 [annual 21120] vacancy rate: 12% 211.2 [2534.4] net rental income: 1548.8 [18585.6] Gross income: 1461 [18585.6] Property tax: 2661.29 insurance: 800 property and repair: 20% $3717.12 Gas and heating: $2000 annual total expenses: $9178.41 NOI: $18,585.6 - 9178.41 = $9407.19 Cash Flow = NOI – Debt Service: $5953.71 = 9407.19- 3453.48 [30 year, 10% down 4.25%] $4126 = 9407.19 - $5281.08 for 15 years same terms Cap Rate = NOI / Property Price Cap rate: 9407.19/65000 = 14.47%Am I missing anything?

TAnd although they are 100% occupied now, make sure to account for vacancy.

., $51,120 annual$4,110 Vacancy factor (8%) [about avg for this area]$250 Laundry Income$47,260 Net Rent Income$11,776 RE taxes$4,726 Prop mgmt.$2,563 Insurance$3,016 Water/Gas/Electric$1,968 Trash$500 Snow and Lawn$2,400 Maintenance and repairs$26,951 Total Expenses$20,309 NOII offered $201,000 on the property and the seller has indicated $220,000 as his lowest acceptable price.

@Robert Ehrlich You forgot to add into your calculations: future vacancy (it won't alway be fully occupied), evictions /legal fees, capex (roof, painting, heating/AC, appliances to name a few). 

We have two SFRs that have been rented with 0 vacancy, the first for over 5 years and the second for over 2 years.

It states that 50% of the rent on average over the long term will be eatten up by expenses, such as tax, insurance, property management, vacancy, capex, etc.