Property: $42,000 3br/2bath 1104sqft in Wichitahttp://www.zillow.com/homedetails/1224-W-Dooley-St-Wichita-KS-67213/77366358_zpid/24% down = $10,800, 30-yr at $145/monthThe rental range in the area is $531-783/month RENT: $531/monthTAXES: $43/monthMORTGAGE: $145/monthINSURANCE: $73/monthPROPERTY MANAGEMENT: $45/month-------------------------------------------------INCOME: $225/monthI was planning on adding an additional $50/month to the mortgage payment.The rest of the income I would save for any home maintenance.

If you need to lay out additional cash expenditures (deferred maintenance), the 1.5 calculation no longer applies as your "cash in" is higher.I would offer more in the $150 - 160,000 range and get closing costs included.

I while ago I read a post on BP about someone putting slanted drip pans under the sink so that if there is a leak water flows on the floor it is reported by a renter rather than pool and cause water damage especially in a second floor unit.

At some point, oil and water will mix.Jeff

I would not consider anything in this price range that rented for less than $550 per month.

Rents range from $110-1800.

Electric , gas, water would run $150 a month in this area and lawn care another $50 so even if I had an additional 300 monthly in cost I would come out ahead but would have case mangers to help manage the tenants.

In any case, 50 cows will be eating a lot of grass and drinking a lot of water.

She and I are like oil and water, we are just fine as long as we are not combined!

Due to work, life, etc. he ended up renting it out in 2005, 06...when the markets crashed he saw a bunch of people essentially giving away their timeshares at the same location, so he bought them at rock bottom prices.He can sell his "premium" weeks for $4000-5000 each, with annual fees and taxes ranging in the $900-1200 range.