If you are wondering what it will cost to tile a floor just take the sq. ft. of the floor and figure out your material costs and then use a conservative number for your tile person for labor. 

I did assume a conservative 10% vacancy. 

(not conservative).Upfront5% down + 20k closing = 51.5k out of pocketMonthly (best case scenario)- 2944 Equity + Interest (4.25% rate)- 425 property tax- 150 insurance- 250 utilities- 0 maintenanceNet Total Expense- 3769Scenario 1, 2bd rented out, 1bd I live inRental Inc (Zillow est.) - 2150 *0.67 (income tax) = 1440 assuming 100% occupancyMy portion = 3769 -1440 = 2329 for 1bd.Scenario 2, 1bd rented out, 2bd I live inRental Inc (Zillow est.) - 1700 *0.67 (income tax) = 1139 assuming 100% occupancyMy portion = 3769 -1139 = 2630 for 2bd.Both 2329 and 2630 seem like ridiculous numbers to me.

If you drop to 10% vacancy which is usually the conservative estimate when running quick numbers, your cash flow would be wiped out. 

Anything I can do to stay conservative, I should do.  

This will give you a more conservative view of the numbers and a plan towards being more passive should you choose.

The house we currently live fell out of contract to another buyer the week of Thanksgiving, so we were able to look at it over Thanksgiving and had it under contract on that Sunday, the sellers were out of state investors who didnt realize the house was in a conservation district. 

Most bank appraisals on refi are much more conservative and sometimes come in lower than appraisals on purchase contracts.

We "rolled" the dice on this one by adding high-end features, upgrading all systems, converting a bedroom into a master bathroom and closet, converting a sun-room into an office and tastefully combining all the modern features while conserving the integrity of the building, it being a craftsman home built in 1920.

However, I noticed that I'm looking at like 5-6% cap rates, (though I'm pretty conservative with my expenses), and they appear to be in warzones.