When i work with agents who have buyers, I tell them to total price to them (my fee included) and add their fee on top (doesn't have to be % based) and just have your buyer agree to pay you for bringing the deal together.

$1100/year Vacancy = $92 Principle & Interest = $340 Total monthly costs = $896.50 Cash flow = $1150-896.5= $253.50 Per unit cash flow = $126.75Cash on Cash return = $253.50x12 / $23,450 = 13%Cap Rate = $7122/$83,000. = 8.6%Would you take this deal?

No one in this forum is going to be answer conclusively either so your best bet is to speak with  a local zoning lawyer and also to the zoning officer in town in detail. 

its a great place to find like minded folks who run the gambit of highly experienced to total beginners and everything in between.. although I would say its slanted towards those starting their journey and many once they get going and have some success contribute less frequently.you have those that are in some sort of sales business so are always marketing themselves or their companies.. through writing blogs and or posting on the site with regularity. 

I currently own 9.5 rental properties worth a total of about 800 to 850 thousand that rent for about 8000 gross and if all goes well with no repairs and vacancies or insurance I pocket 6250 after expenses.

Another way to look at renovations is it may not totally cash out what you put into it but if it makes the house sell much faster than the one next to it not updated it is money well spent.   

I bet you are slaughtering part time agents on listing appointments with this comment Nathan.

My maintenance/cap expense estimate on this duplex was $275 (3/1/1) and $250 (2/1/1) for a total of $525.  

With that said, I think keeping them more basic is a better bet.

Looking at the numbers CAPEX and repairs add a huge amount to the monthly expenses.For instance, this third deal:Monthly Income: $1,100Monthly Expenses $1,134.14Monthly Cashflow: -$34.14Pro Forma Cap: 5.22%NOI: $5,215Total Cash Needed: $11,050Cash on Cash ROI: -3.71%Purchase Cap Rate: $5.73Sale Price: $91,000Closing Costs: $2,500Renovation Costs: $4,550 (5%)TOTAL PROJECT COSTS: $98,050Down Payment: $4,550 (5%)Loan Amount: $87,314.5Loan Points: $864.5 (1%)Amortized: 30 yearsInterest Rate: 5%P&I: 468.72Total Cash Needed: $11,050Property Taxes: $2,184/yr2% Rule: 1.13%Initial Equity: $12,685.50Gross Rent Multiplier: 6.89Debt Coverage Ratio: 0.93Expense Increase: 4%/yrIncome Increase: 5%/yrProperty Value Increase: 4%/yrCash on Cash ROI: YR1 (-3.71%) YR2 (-0.63%) YR5 (2.64%) YR10 (9.76%) YR15 (31.56%)Annualized Total Return: YR1 (2.48%) YR2 (22.27%) YR5 (26.37%) YR10 (26.47%) YR15 (22.20%)Total Profit if sold: YR1 ($274) YR2 ($5,469) YR5 ($11,251) YR10 ($24,701) YR15 ($70,982)Expenses:HOA: $82Insurance: $66Taxes: $182MTG: $468.72 (@5%)TOTAL: $798.72Vacancy: $110 (10%)CAPEX: $190/mo (~2.5%)Repairs & Maint: $380/mo (5%)TOTAL EXPENSES: $1,478.72These expenses are different than the $1,134.14 mentioned early on.