I do know that the income of the tenant factors into the approved rent amount (at least where we buy), so I wonder how much this process varies by area.Either way, appreciate the insight.Thanks.

I highly recommend following the guidelines in the book on managing rental properties by bigger pockets, that is a great initial resource.Here's some factors we consider at CT Property Management:-Credit Report (Cozy.co)-Background Check (Cozy.co)-Income (NET check should be close or at 3x the rent)-No dogs.

Great to hear you are factoring taking over someone else's problem as part of the price. 

fbclid=IwAR35Rl3xCA7M43VREb9JKgeq4_UHYTgt79kjC6_5pF_c9vUrEOFi6Eb_ChkThe forgiveness rules are quite complex for SE and it appears that not 100% would be foriven since they use an "8/52" factor to determine forgiveness.If you already applied, I'd wait until your banker review the app. 

This, of course, does not factor in economic recessions, fluctuations within the market, or a drastic change in crime rate, school systems, job growth/decay, or migration.

I'm trying to keep this simple so in the example I'm not factoring in the filing fees, court costs, attorney fees, the unit turn (tenants being evicted typically don't clean and paint on their way out :) ), vacancy, marketing, and leasing fees that also come with an eviction.

You might have bought a higher cap rate but tenants and quality of location might not have been an A.For location you can have A,B,C,D and tenant quality (mom and pop tenant single operator, mom and pop tenant multi-unit operator, franchisee single tenant operator, multi-franchisee location operator, national tenant (private credit), national tenant (publicly credit rated but not investment grade), national tenant (investment grade).Then you get into how many locations or type of credit is backing the lease and a ton of other factors. 

So we present one analysis that takes into account as many realistic risk factors as possible & is back it up with supporting data with references.

Factor in trucks , equipment , payroll , licenses , insurance , fuel , rent .

The income is not factored in since section 8 and they run income guidelines.