I see that your post count is 1.

When renting out always put reserves aside for paint,carpet,mechanicals etc.The biggest mistake I see is counting on the full rent money and then getting in trouble when other expenses occur suddenly.It's just like businesses.

For whatever reason, the listing agent only listed the bedroom count from one unit while listing the total baths, which explains why it was on the market for over 300 days.

If the laundry is the kitchen, you may be able to get away with counting that as one of the five.

Even utilizing the 2% rule I AM NOT GETTING PAID ENOUGH for all the risks I potentially face (not even counting the tenants and toilets hassle).

I'm not convinced all lenders strictly require this, but I have a day job and enough income from that that I didn't need the rental income on my last loan.I do know that if you're living in one house, and want to buy a second and rent out the first one, lenders will NOT count any rental income from the first.

This figure is low because some reports have stated “all positions are cut†without including a count.

Matt, I am afraid the other posters are wrong on some counts.

If you're counting on getting the rent to make you're payments, you are going to be in a world of hurt if when you have a midnight moveout.

After several months (9-12 generally) most banks won't count the debt in the seller's DTI calculation or will treat it as a rental.