Are the vacancy, maintenance, property management, cap ex also being factored in with those expenses?

I'm sure that you understand that vacancy and/or collection loss can be crushing to your returns.  

I would also suggest speaking with experienced agents in each market to get an inside track on what's going on currently with home prices, rents and vacancy rates in each market.  

When I add in all of the other expenses via the BP Rental Calculator (vacancy rate 5%, capex 18%, repairs 5%, property management 10%) the total comes to $4427 and results in a negative cash flow of $596.  

Jeff - you're saying that having 5 multifamily units in a building will have lower vacancy than 5 SFRs?

It has the appearance of MAJOR roi, but I wonder if vacancy is the killer there.

(The vacancy numbers are weighted by county specific vacancy counts, not a numeric average of county vacancy rates.)I put a link to the source of the data at the end.2019 Proj Total Population (& annual growth)1,255,325+0.86%2014 Proj Total Population1,203,7352010 Census Total Population1,162,386July 2015 Certified Population Estimate (NC only)1,190,4732010 Census Total Population: Urban627,87254%2010 Census Total Population: Rural534,51446%As for housing, the 2010 vacancy numbers reflect the impact of the Great Recession.

Would love to get some opinions before agreeing to purchase this.Purchase Price: $89,000Purchase Costs (with 10% down): $11,000Estimate Repair\Upgrade Costs: $25,000Total Cash Investment: $36,000Unit 1 Estimated Monthly Income: $950Unit 2 Estimated Monthly Income: $525Unit 3 (storage) Estimate Monthly Income: $100Total Monthly Income: $1,57520% of rent for repairs\capex\vacancy: $315Net Monthly Income: $1,260Monthly PITI: $710Net Monthly Income after expenses and PITI: $550Yearly Total Income $6,600Total Cash Investment: $36,000Cash-on-Cash Return from cashflow alone: 18.3%Please note that at the price points for rent, after the upgrades I'll do, I'm not planning on including any utilities or lawn care with the rent, so that would be the tenants' responsibility, in case you're wondering why I didn't factor that into the analysis. 

Even just entering the listings or vacancies might get you very conversant in the local market.Then you could also make some key contacts, learn the process, and maybe even find your first deal (a client may be willing to owner finance a rental, for example).If you are handy, you might try and work with a firm that does apartment turnovers (make ready) or even as a laborer for a remodeling contractor (especially one that does flip work for others or on their own)--to get the full hands on view of how to get apartments ready to rent or flips ready to sell.Maybe the best hands on way to work in the space is to buy your first rental; maybe your first or next home could be a duplex or single family with an accessory apt.Best of Luck.

I think that this may draw attention and traffic to my website or advertisements during vacancies.