Did you factor in Cap Ex, Maintenance, Vacancy, utilities?

I.e.pay the mortgage, taxes, insurance, maintenance, utilities, etc., while depositing the income into his own accounts.  

- it's always good to see another Hoosier utilizing this great site!

Heres the way I calculate it,(Gross Scheduled Rent) - (Vacancy rate (at least 5-6%)) = Operating Income(Operating Income) - (Repairs & Maintenance + Utilities + Taxes + Insurance + Management Fees (at least 8%) + Replacement reserve (capX)) = NOIThen I simply divide the asking price by the NOI (Asking Price /  NOI) to get the cap rate.I can't find anything above 5 or 6 % at best, am I doing something wrong or does the MLS just suck that bad??

Once you have identified the handful of heavy hitters, I would suggest volunteering in their office as much as you can.Even it it's just cleaning or answering phones - you will pick up some good tid-bits through osmosis.  

http://www.ea.com/ipad/sims^LolIn all seriousness I think something like that is most likely too "heavy" to run on an Ipad without crashing/bugging out.

The utility room is a nightmare.  

We will be utilizing it.

I am sure it will take several years for the benefits to flow through, but when the residents in that market see their utility bills drop substantially in the future, all landlords should be able to push market rents a little. 

It would be my first property so I'm trying to find property that does not require heavy fixing.