Calculate the cost at the point you have the least amount of touch on the input materials, to produce your balance sheet and income statement, and or cash flows etc.

It should the deed, so the chain of title, will show the consideration for the transaction (at least here in NJ).To tag a person, just use the @ symbol and type a few characters, a drop down will appear.

At a 270K price point, the present rent being charged would cover all expenses and leave me with $57.00 cash flow monthly.

For simple math, if I purchased a $100k property with 20% down and was able to get rent to cover the mortgage, interest, taxes, maintenance and property management (essentially zero cash flow)... held for 30yrs with no appreciation... then wouldn't I essentially hold $100k equity in the property in 30yrs on an initial investment of $20k?

Well, cash flow is tough right now due to where interest rates are.  

Running numbers on local properties will help you to quickly determine whether a property has the potential to cash flow or not. 

Use the cash as a down payment for another appreciating, cash flowing asset!

If you're leaning towards a longer investment horizon, pressing for an amortization schedule that mirrors your financial projections is prudent (Again, look at the cash flow).

Muncie and Anderson are also markets that cash flow pretty well however you don't find as many MFR's up there. 

I bought this property not to get a huge cash flow, but to have positive cash flow and to build equity.