Thanks for the quick reply and heads up David... reposted, with a link to the calc.Thanks again!!

I did incorporate the water and electricity (the seller mentioned that the renters paid for their own), with the PITI eating up that much of the income (as you'd mentioned), the utilities would just push the whole thing over the edge.Thanks again for the quick reply and the second set of eyes.

We wanted to make a suggestion to them of possibly evicting the tenant, making a quick upgrade (the house is in a pretty good condition), then find a new tenant and adjust the rent accordingly.

A single bed in a hostel here in town runs between $11 to $20 per night, depending on the location and attractiveness of the property.

The University of Windsor is quickly becoming a hotbed for international students. 

The auction process goes from unknown and terrifying to unimpressive and unremarkable very quickly once you get through your first one!

Of course, that carries a risk, but waiving home inspection and financing contingencies will make your offer far more attractive. 

I used what you said today to quickly filter who would be a good fit for me. 

:) Quick back story: This is our first property, we just recently married in April and we've been renting @ $765/mo in the city for the last 3 years.

As you said, I may be able to attract others to me and create mutually beneficial relationships.