Use the present value formula with your cost of money and projected earnings over the term, the IRR or manager's return to evaluate cash flows.

Your market research on rent rates and your local market knowledge are more useful in evaluating the property, in my opinion. 

That is where I would start, also this should give you a chance to mentor the PM and honestly evaluate if you want to use him going forward.If that goes well, tackling the remaining 2 properties in 5 or 6 weeks might be an attainable goal that would let you start to take a step back from the day-to-day.If you get irresistible deals faster than you can work them, you might consider wholesaling some of them.

@Trina Hanks If its an area you like, I'd still go look at the property and get the Seller to outline those terms for you just so you can learn more about the process and you can learn to evaluate properties in person.  

Rounding up the taxes after I purchase should be $2,800Thanks everyone for the evaluation and for pointing out a lot of potential questions to consider!

I'm beginning the process of evaluating different locations to start my portfolio in Northern Virginia, so I thought it would be a good idea to defer to the knowledge of the BP members who invest in this area.I'm currently interested in both multi-family (1-4 units) and single-family buy and hold investments in the Northern Virginia area.My questions for the VA investors on this site are:1.

Anyone have any recommendations for technical books covering commercial real estate evaluation, laws, and development.

I think your experienced investors are just going to be able to evaluate deals and pull the trigger on a property faster than your average buyer. 

I'm considering buying a 4plex, but I came across the evaluation problem as this still counts a residential property, yet very little quads are being sold to derive a reliable number.Any ideas?

I just need a valid contract for IL and need to evaluate for Power Team members, who will be a good fit for my business.