Back to your leads, given you are virtual and assuming you will be making some assumptions on repair, once you have an agreement with a seller do the following 1.

@Linda Wright - Quick re-visit to the topic of property value - my initial assumption that the property value might have a relatively sluggish growth rate was based on a recommendation from an older colleague...but I realized I have no data to back up the claim. 

Also, here are some thoughts/ assumptions in no particular order:~ Monthly carry is $3,550 .. includes $150 PMI~ Monthly principal paydown is ~1k~ No other deals in pipeline and love idea of BRRRR and having a back up plan for X years down the road~ Don't especially like ST rentals and people trashing the house~ Concerned over eviction moratorium and having someone move in and stop paying rent~ Assuming I drop the price by 50k to 1M and someone buys it~Assuming ADR + vacancy on rentals based on AirDNA~ Not including maintenance costs on rental I know it will come up but for this exercise I want to keep it simple~ Taxes are a +- estimateFlip: Sell $ 1,000,000 Mortgage $ (610,000) Closing Costs $ (70,000) 7% Proceeds $ 320,000 Initial Equity + Rehab $ 85,000 Net $ 235,000 Taxes $ 82,250 35% Net Income $ 152,750 Rent: SFR 2 Short Term Analysis Occupancy (%) 70.0% ADR $ 225 Days 365 Short Term Rental Revenue $ 57,488 Monthly Short Term Revenue $ 4,791 Management Fee 10.0% $ 5,749 Net Short Term Revenue $ 51,739 Net Monthly Short Term Revenue $ 4,312 Long Term Rental Revenue $ 46,800 LT Monthly Rent $ 3,900 I'm sure many of you were in a similar situation so any input/ help/ advice etc. would be appreciated! 

Speaking from an investor's POV, I'd like to see all the inputs/assumptions organized on a sheet.

Please let me know if I am missing any inputs to my calculation, cap rate is a bit tighter than I wanted, but cash on cash return is strong rel to other assets.Purchase: $117.5-120kDown payment: 10% - 12k (using 120k purchase)Closing costs: ~4k (no agent fees) Total Cash Invested: $124k Assumptions- Conservative approach -1350 rent (have a tenant ready to move in at $1400)-$200 property taxes (# is closer to ml100s)-$50 insurance (will be lower using assumptions based on internet, haven’t gotten full quote yet)-$350 Other expenses ($250 for HOA - $100 for reserve) Net cash flow: $323.37Cash on cash: 24.25%Cap rate: 7.26%Thanks!

I think you are making a lot of assumptions about tht business model.At one time I owned over 40 low income homes and my Management company that I owned managed over 150 of those types of properties.Management company that I owned managed over 150 of those types of properties.I can tell you that they are very time intensive and very mean to the Heavy.

I would be careful making assumptions based on such a large area and vast differences in property types.

Hi @Vince Coffeen, MN is not a community property state, so I'm making an assumption the new LLC you and your wife formed is treated as a two person partnership for tax purposes, that you have or will file a partnership tax return (IRS Form 1065), and that you and your wife would then receive a K-1 from the partnership to use in reporting income and expenses on your individual income tax return. 

In other words, using your numbers, if you are sure the house will appraise for 800 and the reno cost will be <= 180k, they you will end up ahead; if they will cost more than 180k, you will be behind.You can also rent it out for X years at the higher cashflow, then reno it during a future turnover when you are more stabilized.Lastly, being this is your first investment, I would recommend waiting on the reno until you see how the place rents out and other learning experiences.You did not share your numbers, and I don't know the exact taxes in Rye brook, but making some assumptions, my napkin math suggests that you will need to pull in around $4,800 per month to make the $1000 cashflow. $4800 seems high.Feel free to PM me if you want to chat more.Best of luck!

I want to factor future assumptions for forecasting purposes, such as income and expense increases.