High level he manages 240 properties, gross income $330k and also owns the maintenance company that services the rentals.... that company alone grosses $700k.

Anything over 5 units is valued based on the NOI and market cap rate.You need to take the current gross rental income and deduct all expenses to come up with the NOI.Make sure you are accounting for vacancy, CapEx, repairs and maintenance, property management, etc.Then take the NOI and divide it by the going cap rate of similar properties in the same asset class.If you don't know the market cap rate you can get this information from a local commercial broker.This will give you the value so you can determine if the asking price is in line or what you offer should be.

My mortgage will be roughy1,900 (going w ho5 home owners) fha report states after considering the rental market in south New Jersey that the effective gross income is roughly 29,070 after operating expenses it could produce a income of 20-25k annually.

The first one to discuss is directly on the beach and as soon as things opened up we saw a flood of business happen and we ended up finishing out that year with over $108k of gross rent (that includes missing 2 entire months of bookings) which was $8k more than the previous full year, and we already have $92k on the books for 2022 and we aren't even through January.

The agent said the 1 bedroom units, in 2019 grossed $29k however AirDNA is saying $41k for that property.  

You could potentially purchase 4 houses for the $300,000 providing around $5,000 per month gross rents.

Gross rent 1850/mTaxes 400/mInsurance 125/mUtilities 100/mMortgage 550/mMisc. 109/mZillow values duplex at 150,000.

The amount you convert will be added to your modified adjusted gross income and be taxable to you on the year you did the conversion.

Rental will produce approx $400/mo gross profit with self mgt and no cap ex, maintenance costs(everything is new!)

That is, the gross monthly rent should be 0.75% of the purchase price (e.g. $400K property should get you at least $3000 per month in rent).