My ARV is half of what it was before and now I am trying to crunch the numbers and its just not possible and we are possibly not going to be able to get this property under contract.

We are talking about half a million dollar difference in a professional opinion.

My caveat is only that it has to be +$750 after the back half of the deal is done: the new acquisition.

When you have vacancy, even if you can fill it quickly, you're often having to clean/paint/fix things and that could cost you a month's rent, even if you don't actually have a month-long vacancy (and if you're paying a mgmt company, they're probably taking a month's rent (or half) every time they re-fill, so that vacancy number can get up there).I think $5K/yr for CapEx and maintenance could be a good number, but it all depends on the condition of the house.

If it were mine, I'd put in a very small rental office, just a half door walk up with a room for a desk and 8 tall file cabinets (and a half bath for management use).Sleeve A/C and electric heat the office with some benches out front for residents and wanna-renters to sit on.And use the rest of the place as rent-able units, except for maintenance storage areas. 

Keep in mind that is less than half of the battle.

Half of my portfolio now has a PM. 

Their plan is to taper down to zero by June, but they are even discussing doing it in half that time.

The easiest thing to do is to move into the house and make it your Homesteaded Residence.

It’s labor intensive but you’ll save about half your cost by doing it yourself with rented tools and buy on sale flooring.