Rental rates are $1400-3300 on average for a nice home in a good area!  

The magic of MLS querying can't really be done within the MLS itself because the most revealing data bubbles up when you join the for sale data with the for rent data and correlate ratios of average price in a subdivision with average rent. 

Houses in the area fixed to the same sizing and room amounts are averaging in the high 300’s to mid 400’s. 

The 3 story house was next to a creek that was 20-30 feet below the average grade/land.

.#3 Contact Local Contractors for Labor Pricing / Hire a GC to ConsultCall local Subcontractors and get budget pricing for common repairs on your typical rehab project.For example, call a roofer and ask what their average cost per Square of Architectural Asphalt Shingle Roofing would be on a 1,500 sf house, with a 6/12 pitch.Note: Some contractors will be reluctant to share pricing without seeing the property, but tell them you are just looking for a rough budget number you can use on future projects.You can also pay a General Contractor a consulting fee of a couple of hundred dollars (per house) to walkthrough a few properties with you and provide a detailed estimate of prices that you can use as your 'menu for future projects.#4 Compile Your Prices into a Spreadsheet or Estimating SoftwareOnce you start to get a better understanding of Labor and Material costs you will want to store this data into a spreadsheet or software that you can use to help you streamline the estimating process.The Book on Estimating Rehab Costs comes with a spreadsheet that you can use to help you populate your own database of labor pricing and material pricing.

This document holds information from basics such as crime rate and unemployment rate to TOP ranked neighborhoods in that city with the average rents, average cost/sqft, and so much more.

@Bill Fitzgerald I do not have a financial background but I believe I have a different approach than the average Joe when it comes to managing my money.

Hi @Mallikarjun Reddy Pateel, I would use the average vacancy rate or turnover rate for the property or area. 

When I calculate COCROI it doesn't seem to be the percentage the experts say you should shoot for so I am a little worried, but at the same time excited for the experience.Would you consider this an okay/average deal or at least not a terrible deal?

A couple of free, but good analyzers are Rob Beardsley's and adventures in CRE:https://lonestarcapgroup.com (download from the top of the page)https://www.adventuresincre.co...