I will run the numbers through that "conservative" formula.

Here is my wholesale formula for a deal I am selling to a retail rehabber.

(a) At least 14 days before a hearing on a protest, the chief appraiser shall:...(2) inform the property owner that the owner or the agent of the owner may inspect and may obtain a copy of the data, schedules, formulas, and all other information the chief appraiser plans to introduce at the hearing to establish any matter at issue; andThe advantage for property owners is that they can know in advance what data (e.g. comps) the appraiser used or plan to use to calculate your assessment value at the hearing.

I use the formulas of 10-15% of the contract price or a standard 5k assignment fee.

@Joshua Hill @Hadar Orkibi @Theo HicksI'm a bit of a math geek, love formulas, calculations and building spreadsheets.Here's what fascinates me about these 'rules of thumb'. 

And for the meetup info, too.I don't really have a formula for finding deals for myself.

Also reading through the forums and blogs has provided me with a greater ability to find information and formulate actual data vs. pro formula found on Zillow and Realtor.com. 

It is based on the 70% formula.

So IMHO the formula is BS.  

You also spoke about  leverage in your post but did not apply that in your formula.