Bob -- Sorry, I didn't see your request for the calculation, but here is how it is calculated:Capitalization Rate = Net Operating Income / Purchase PriceNOI = Total Operating Income - Total Operating ExpensesPurchase Price = The price paid by the investor for said property.You can see the exact breakdown and each line item by clicking on the Orange Button under the thumbnail photos.Please note that these cap rates are calculated using the property's income and expenses to derive its 1st year financial performance. 

The branding goes to that endeavor, that business goal.Break down your operation and look to the target market, who do you serve?

Here's one that most people miss....The IRS requires you to have a DOOR on your home office in order to expense the proportionate amount of your household operational expenses against your business.  

I couldn't operate my business like that and take 2 month vacations to remote areas of the world, and I don't think you need to operate your business like that either.

For the sake of the discussion, I'm thinking about big houses like Century 21, Long & Foster, and Keller/Williams, though I'd be interested to know if the process varies from the big guys to the smaller boutique operations.

We have to remove the cover, drape plastic underneath the unit to guide the cleaning solution and rinse water into a trash bin.

A large rental property may be operationally profitable, but until you have received 100% of your invested capital back, it's not profit.

My goals are to get a flip going within 3 months and to start building a rental property portfolio with quality management companies handling the day to day operations of them.

Operating Expenses $32,099 !

I'd think they would operate there.