That puts your annual NOI at about $15,000.The value would be NOI/Cap Rate, so if you can estimate the cap rate in your area for duplexes, you can get an idea of the value.

If I assume 8.3% vacancy and 15% maintenance, I would net around $500 / month.

The reason behind is that we can't find any small apartments in our market that fit our criteria and second we would like to own it for 20 years or more, so building a new one will be less maintenance.

We begin advertising as soon as we received notice from the current tenants (on an annual lease, the notice period is 90-days, for long-term tenants it is 60-days).

Think about what you can realistically do now to grow your savings and build credit, at what point you'd have enough to take the next step, preparation needed to get to the next step, and five and 10 year or longer goals.I'm currently in a holding a pattern this year, so you could say my current business plan is to read more real estate books, be active on BP forums, post my adventures and ponderings on my BP blog, do more maintenance inspections on our rentals, dream ad explore five and 10 year options, and work to reduce expensive tenant turnover.

Talked with all the property manages and maintenance folks every chance I could while at my old company.

Total annual rents: $12,600Annual expenses: $2200Uh, no chance.

I live in Illinois so the upfront costs of an LLC are pretty high like 500 to 600 in filing fees plus whatever legal costs are incurred in drafting the agreement and operating agreement, and 250 yearly maintenance (have to pad the corrupt politicians salaries somehow).Another question I have is what benefit does an operating agreement serve?

I expect the $400 mo profit to be eaten up by maintenance.

Books that influenced me greatly:Zen and the art of motorcycle maintenance;Atlas Shrugged; to love is to be happy with.