I am new to BP and look forward to utilizing the resources and forums on this site. 

.- it's always good to see another Hoosier utilizing this great site!

Its all about the RTV ratio your market can sustain.

Most first time business starting out fail because they do not have enough capital to sustain their operations.

If you are determined to do the projects yourself, I would budget a year for holding cost; maybe 6 months if you are not employed (taxes, utilities, interest, etc).

Thank you gentleman for the advice, I plan on utilizing all of the resources Bigger Pockets has to offer.

Once you buy the property, depending on the circumstances, you will have to call the utility companies to get everything turned back on.

P&I = $814/monthTaxes = $280/monthInsurance = $100/monthTotal expenses = $1,194/monthProjected rental income of $800 per unit = $1,600 total per month (all utilities paid by tenants)Projected profit of $406 per month (minus any repairs).  

The couple that is staying has been the ones paying the rent and utilities, so barring anything unforeseen, it should be business as usual. 

Lots of trails start with anecdotal info from neighbors, utility workers and code enforcement.