What type of income do you think that'll produce?

Here's the per month numbers I'm looking at with an FHA Loan for 30 years & 3.5% down payment at 4.85% interest:Expenses:Taxes: $391.67Homeowners Insurance: $66.67PMI: $150Vacancy (5%): $120Repairs (5%): $120CapEx (8%): $192Property Management (10%): $240Mortgage: $1,219(Tenants would pay for utilities)And... like, this isn't even accounting for Lawn care or Snow removal...Total Expenses: 2,499.33NOI = $2,400 - $1,280.33 = $1,119.67Cap Rate = $1,119.67 / $210,000 = 0.533%Also, for the 1%, 2%, or 3% rule this comes in at 1.143% = $2,400 / $210,000So, this is being generous, really. $210k is on the lower side and I'm assuming I'll take care of the lawn/snow.I'm most confused at how this can really change in any one direction to make it meet the 8% cap rate or the 2% or 3% rule... like the only way I can see it meeting those is by jacking up rent or getting the house for free by a family member.

GeoffCosts Due at Closing Points: 3% of loan (one time) [only financed at 70% of ARV]Origination Fees: $1,020 ($400 document processing + general administrative costs, $575 legal fees - preparation and review of all documents, $30 application fee (charged at closing), $15 flood certification)Appraisal Fee: $400 - $475 (paid directly to state licensed appraiser)Insurance: ARV x .45% -- (paid for 6 months in advance before you close; can choose any insurance company as long as it meets minimum requirements HML has + lists HML as mortgagee on policy)Buying Closing Costs: 1% of purchase price (title insurance + escrow fees)Outside Costs (Holding) 4 Month Flip (120 days): 2 months of construction, 1 month on market, 1 month in escrow/title; plan for 6 months Monthly payments: 1% of loan Utilities: $230/month (varies; $125 electricity, $60 water, $45 gas)Property Tax: $3,000/12 months x number of monthsRealtor fees: 4% of ARV (multiple realtors that will list for 1%)Selling Closing Costs: 1.5% of ARV---------------------------------------------------------------------------------------------Example of House:Buy at $120kRehab at $50kARV at $230kCosts Due at Closing Points: 3% of loan; financed at 70% of ARV ($230,000 x 70% = $161,000 loan) $161,000 x 3% = $4,830Origination Fees: $1,020Appraisal Fee: $475Insurance: ARV x .45% $230,000 x .45% = $1,030Buying Closing Costs: 1% of purchase price $120,000 x 1% = $1,200TOTAL CLOSING COSTS: $8,555------------Outside Costs (Holding) Monthly payments: 1% of loan $161,000 x 1% = $1,610 x 6 months = $9,660Utilities: $230 per month $230 x 6 months = $1,380Property Tax: $3,000/12 months x number of months $3,000/12 = $250 x 6 months = $1,500Realtor fees: 4% of ARV $230,000 x 4% = $9,200 Selling Closing Costs: 1.5% of ARV $230,000 x 1.5% = $3,450TOTAL HOLDING COSTS: $25,190-------------Out of Pocket Portion for Rehab: $9,000TOTAL OUT OF POCKET COSTS: $30,095TOTAL OUT COST INCLUDING REALTOR FEES AND SELLING CLOSING COST: $42,745Calculations-------------------------------------------------------------Buy at $120,000 + $33,745 (costs) + $50,000 (rehab) = $203,745Sell at $230,000 - $203,745 (costs + rehab) = $26,255 (PROFIT)Cash on Cash $26,255 (Profit) / 30,095 (Total Cash Invested) = 87 %Return on Investment $26,255 (Profit) / $203,745 (Total Spent including all cost) = 12.8%

I'm ultimately interested in rentals, and until recently the plan has been to utilize a combination of the VA and FHA loans to leapfrog from property to property and rent them out after I move on to the next.

With the SFRs you have very little in the way of tax avoidance, the same cash flow derived from a large multifamily would produce virtually no taxable income through cost segregation and other means.

This number is symbolic but if understood may produce opportunity?

Your rent will be $2100 and your payments will be 2200 ish not including utilities. 

If your numbers look good and you can put in an offer and contingency for inspection and appraisal so you can walk away if repairs are too much or if the equity does not produce.

I've heard several acronyms used for it but most commonly Ratio Utility Billing System.  

I always tell investors to work with someone who has developed relationships with contractors and obviously utilize who they recommend.