I suspect most are not that accurate book keepers and really don't know.. and especially if its out of  state I rarely hear investors adding in the cost of travel to their overhead.. 

@Dan Rowley if cash flow neutral ad target, have you looked at Sac?

Where is the added value coming from. 

What you are buying right now is a 5 line ad based on someone else say so.

My only income is the rent and about $25k in consulting work.A local originator has quoted me the following for a no-doc loan:Closing costs per property:3% Origination fee (he said he may reduce this since I'm refi 2 loans)$750 legal doc fee$2950 servicing feeStarting Rate on a 30 yr fixed with interest only 1st 5 yrs: 6.25% LTVs <= 60% 6.75% for LTVs > 60% and <=70% 7.25% for LTVs > 70% and <=75% 7.50% for LTVs > 75% Adjustments: 0.50% added for borrower cash-out 0.25% added if borrow• 0.25% added if borrower / guarantor FICO is between 650-699 Are these fees and terms reasonable? 

The owner found us from one of our Facebook ads and we negotiated the purchase price down to $15k (it needed some love) and put about $16k (including meth remediation) into it - sold it for $71k (cash offer) in February. 

My only income is the rent and about $25k in consulting work.A local originator has quoted me the following for a no-doc loan:Closing costs per property:3% Origination fee (he said he may reduce this since I'm refi 2 loans)$750 legal doc fee$2950 servicing feeStarting Rate on a 30 yr fixed with interest only 1st 5 yrs:6.25% LTVs <= 60%6.75% for LTVs > 60% and <=70%7.25% for LTVs > 70% and <=75%7.50% for LTVs > 75%Adjustments:0.50% added for borrower cash-out0.25% added if borrow• 0.25% added if borrower / guarantor FICO is between 650-699 Are these fees and terms reasonable?

Look at it as 2 Semesters of income instead of monthly and build in a 3 month vacancy just in case by dividing that cost in two and adding each half to the Fall and Spring semester cost.

But I'm nervous about all the added costs since upkeep would be more expensive for a SFH (or 2 in this case since I'd be living in one as well).The seller rented the 2nd house for $1200/mo but I'd add a washer/dryer and ask for $1300-$1450.

I was thinking of hiring AdWord Nerds to help with SEO and paid ads.