On my first multi-family deal I didn't walk the property prior to the closing and when I got the keys to the property after closing I realized a few things weren't done the seller had agreed to do that were listed in the final contract.A few things weren't done: windows were supposed to be caulked, the front hand rail was supposed to be secured so it didn't wobble, the two vacant rentals were not broom ready and were a gross mess, etc.I was ignorant to the fact that I needed to verify repairs were completed properly prior to closing.

Brooklyn grosses 6 figures a year (2 listings one home) and Puerto Rico is double what it will be an LTR.

I have been Airbnbing for over 10-years and gross 6-figure a year with just 2 listings.

I would look at all the major expenses you’re likely to have during your hold period, (Roof, water heater, driveway, Sewer line, furnace/HVAC, paint and carpet/floors every turnover, appliances, etc. depending on how old each of those items are and how long you plan to hold, plus few thousand here an there for that nightmare tenant who ruins everything, the hail storm, the plumbing leak that happens when your tenant is out of town and turns into major flood damage, etc. it adds up quick) total those up and divide by the number of months in your hold period, there’s your monthly budget. percentages are garbage on these low rent properties, easy to get in trouble thinking any percentage of a low gross number will be adequate. 

Here are the numbers:Market Value: 210KPurchase Price: 140KRehab Estimate: 25KCash Invested (Down Payment + Closing Costs): 38K (65K if I cover the rehab)Gross Rent: $1650NOI: $300-600 Estimated Cash Return: 19.17%Here are my questions:1.

She mentioned that with fully renovated units (more like Option #2), a monthly gross income of $3300 or higher is expected.

Well, if they're the same type of lease (NNN, mod gross or full service), then just do a cash flow over time.  

I eventually quit in June partly due to frustration but mostly because I just closed on a $35,000 gross profit wholesale deal. 

My strategy is that 6 months or less of gross rent should pay for the purchase price of the house. 

I used to own the duplex at 160 Oakland - bought it for $75K in 2006 and actual gross rents were $1,200 (including a substantial rent break for a long term tenant).