I would just remind everyone to review their property tax assessed value.

Well, we have about a dozen tenants lined up, begging us to lease it to them for $1,500/month, which was our target.

You will need the current assessed value (typically from the county or city web site) and an understanding of how the assessed value will change (e.g. just based on sale price, comparables, etc.).If the new assessed value increases, cash flow decreases and obviously the reverse is also true.Since property taxes are a major portion of the expenses, making sure you know not just what they ARE but what they WILL BE is important.Oren

We'll probably need a dozen seats, so it's not a ton.

The tax assessed value was only $15,000.

In the real world, I have worked VERY HARD to build this business to several dozen rentals in about 3 1/2 years.

Learn what rents and what sells.Third, do a self assessment.

If you're making $200K a year or have dozens of properties (but aren't a real estate professional), it has no effect on your ordinary income unless you sell.I do think the expenses = 50% of rent is a pretty good rule.

I then assess on either the average or the lowest price based on that range.

If you assess the deal properly, which it seems you know how to do, just double close it.