Here are my thoughts based on some avg #s$1980/2 = $495/mo x 4 units1 bed/1 bath units typically rent around $400/mo so my initial thoughts are how did they get almost $500/mo for these.Lets say you get $450/mo x 4 = $1800/moProperty Management - $180Taxes - $200Insurance - $100Water/trash - $200Vacancy - $180Repairs - $180Cap Ex - $100Total expenses -  $1140/moThat leaves you with about $660/mo before any mortgage etc....

I'd really appreciate experienced investors to take a look at my work and let me know if my assumptions are sound or if I'm completely off base.

Another bank may also reduce the LTV based on how many loans you have outstanding.Example too; Joplin, Mo. had a tornado that took out all but one investor's properties, it took months and into the next year for insurance to pay off.

I do this on a regular bases.

Giving my financials a quick overview, he stated that he was not sure I could get pre-approved based on my income alone that I would have to include the rental income on both properties.  

I am a real estate broker in Windsor CT but have another brokerage based in Fairfield County with agents and an associate broker.

Based in Charlotte.

@Nicholas MischThe ARM product was developed by bankers to induce folks to get a low introductory rate that they could get approved for based on their income and debt levels because of the lower payment terms.  

A seller financed (SF) note is not the same as a purchase money mortgage, it is funded by equity based on an agreed sale price, this makes it an installment loan and a different animal than a cash funded note.Institutional notes have a due on sale clause, an SF note should have if it is common for your jurisdiction but it may not have.

Am I on base with my recommendation?