I haven't been able to find any that meet that formula in a while being in Dallas where I buy. 

What hurts Investors that use this formula is it does not account for Holding Costs, Backend Selling Costs, etc.I use the following formula to determine my Maximum Allowable Offer (MAO).

It makes too many assumptions (how much you'll spend on Fixed Costs, how much you want in profit, etc).Instead, do a search on here for "The Flip Formula" and use that instead...

The due on sale clause is going to come into play if you plan on 'rinsing and repeating' with this formula.    

Instead of trying to figure out how to create a successful formula.

We’ve been at it for about two years now and have a great formula that’s relatively painless to manage.

I only did the 5% maintenance because that was the way I saw it on the formulas to calculate but you bring up a good point that it might not always be enough. 

Unless it’s a high end Property with little to no expected capex/opex and appreciation is part of your calculation  I used to do that math until I found there is not much in the Phoenix area that satisfies the formula (unless you are a wholesaler or cash buyer).

Anyway, I'm trying to find out the formula that people use in evaluating deals.

The appraiser has a formula he uses to determine value and has to work within what the numbers show.