I was surprised to see no flooding left behind.

I find it surprising that you think taking 40% off the top will be close to netting what I do now without that management fee.

But 100% relevancy is not hard to reach if you think your way through it.While I'm a little sad to hear that your method doesn't offer overnight rapid success, I'm not surprised either and actually a little relieved as I can now skip the kicking of myself.

Inherited tenants make up a huge proportion of the bad tenant stories we see here, because they're often the reason the place was for sale... it's not surprising to see a seller claiming all is good, when one hasn't paid in half a year.

@Richard Dekok I’m kind of surprised you are only cash flowing $299 from a paid off house.

I will be sure to use this as a tool to help my future clients understand before they are surprised by it like I was! 

Ideally that is being able to rent it out with some amount of cashflow in the event of a market change or unexpected situation. $20k rehab doesnt seem like much.

EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!

Every landlord who has owned properties long enough gets surprised by a higher than normal water bill and this is typically the culprit in my experience.

and I got very familiar with my PV function on my RE calculator until you run the PV you would be surprised .for instance a 30 month Zero interest fully amortized note has he same cash value day one as a 15% 7 year note.. so in the day were we did land sales with seller carry back and our note version of BRRRR  we always looked at what our note buyers wanted for a return then manipulated the terms to meet the note buyers goals..