Of course, in this theoretical example we don't have any repairs that needed to be done to rent  the units or any vacancy while those repairs were underway...You can use the calculators under the "analyze" tab at the top of the page when you have some real numbers.My opinion on property  management differs from Arlan's.

Thanks @Mary B. and @Roland Paicely  I'll play around with the deal analyzer when I get a chance.

When analyzing apartments we use CAP 8%+, DCR 1.6%+ and cash on cash 12%+.Welcome.

"I would say creating 1st deal in most case is the toughest deal to create""Marketing and follow up is crucial""Be willing to market for deals consistently for several months without getting a profititable deal yet""Know your potentially accurate profit numbers or cashflow numbers when analyzing a deal and double check those numbers"

I need to learn how to analyze markets and pick winners, sounds like you are doing just that. 

I will read that article on analyzing deals.

I analyze every deal I do and I have used hard money in the past.

This is Excel but it is very good: http://www.themichaelblank.com/syndicated-deal-analyzer/

When you're analyzing a property to buy, use my Cashflow Analyzer spreadsheet.

With the assumption that this post is to educate others on the "how to's" of analyzing a note (from a return and risk standpoint), I think you hit the nail on the head.For me personally, the yield I get from buying a Performing note at a discount is of high importance, however, I only buy that note IF the collateral has equity to cover the downside, i.e. enough equity currently plus the added equity gained from the note discount at purchase to prevent any loss in the event of foreclosure needs.