Look at 2008.Looks like a good rough calculation; however, your purchase price itself at closing does not necessarily reflect your basis as you have to adjust for the applicable closing costs and credits.

You can normalize it up/down if the units are bigger/smaller/nicer but that's just an adjustment on the given PPD in an area. 

Here are my few feel free to add more.Flexible (this game is unpredictable so you have to be willing to adjust accordingly).Patience (Especially in the beginning it takes time to get systems in place and people in place). 

I bet he doesn't even realize he dodged a bullet on that one.

I'll bet the bank doesn't want the boat, they just want payments and on time.

That's not a good place for any fiduciary to be.My bet is that niece Nancy and her lawyers are going to eat your lunch.

Thus whenever a sale occurs they will assess at the sale price and then adjust up every reassessment period by an estimated amount. 

They adjusted rents and hung on. 

Your best bet is to work with an agent who knows the area and use the MLS, zillow ect.  

Hey @Sameer Kh - spending $6,100 on repairs seems like you'd basically be spending 5 years of cash flow (considering you finally made some money this year in the amount of $1,200).So, it looks like you're betting on appreciation, which is always risky.