Also, it is possible to have two VA loans as long as the are combined below the VA loan limits for your geographical area. 

They produced great dividends, but I wasn’t combining that with a market analysis.

If you report the property as an investment, you depreciate and get better tax treatment.  

If I increased combined maintenance and capex to $500/month, it would still be cash flowing $100 including a management fee in the expenses and that's on FHA financing. 

Here's the key: If you are looking to get an estimate of the subject property's current value, look at a combination of active listings, pending listings, and sold/closed within the last 180 days (6 months).

I combine some formulas of what has sold, cost per square foot, unit types and current market conditions.

Or some combination. 

We are looking to combine the units and live in about 1900 sqf and rent out the one bedroom that was built onto the house . 

The expenses usually are taxes, utilities ( sometimes they are paid for by the tenants, others they are by the owner), insurance, legal fees for the LLC/inc/permits and such, landscaping, any well/septic treatments, and then capital expenses/maintenance on homes. 5.

The recent tax changes made sure corporation gets preferred treatment over individual filers.