I do have some large projects in the pipeline which could increase that number by another 100K or so but its safe to say low 300's and I will have a tax bill of about 50K this year so ultimately it is very safe to say I am liquid for 250K right now that I'm ready to invest.Due to my job I have access to subcontractors of all trades... roofing, tile, granite, flooring, paint etc at pretty much cost (day rates of the actual laborers).  

The landlord got the sweetest deal, he bought most of them at the tax sale for $3-4K and fixed them up and rented them for about 5 years.

Yes, as far as a PM, you are pretty safe figuring 10%, but a few phone calls to different ones in the area will give you that answer. and Jeff Beard brought up a good point as well, you will have to figure in the taxes and comp insurance for your employee.

Then add ALL costs related to holding the property (utility costs, insurance premiums, property taxes, loan payments, etc.).Concessions: Concessions are what you give back to the buyer at closing.

Also, the tax appraised value is meaningless.

I just recently discussed my bookkeeping options with an Accountant and Tax Prep. company close to my home.  

So I'm thinking about moving back into my rental property instead of renting another place so that I can move back to Portland and hopefully start a new career.My question: How long do I need to rent out my property after these upgrades and other maintenance work to be able to take them as a deduction on my taxes before I can move in for 6-12 months?  

If you are in a hot and possibly peaked market (Things have slowed right down after the introduction of the foreign investor 15% tax) are there any real good opportunities to get cash flow positive properties?

If not will you have any positive cash flow after taking out all your expenses including insurance, taxes, etc?  

I tried to include all the pertinent information below:Rental Income: $13,200Rent: Currently has a tenant on one side at $550 per month without a lease – I’ve made it a condition of the sale that the tenant has either signed a new lease with my property management company or delivers that side vacant; other side is not rented out due to required rent ready repairs; rental comps in the area show between $550-600 (I’m being conservative and assuming $550).Expenses:Vacancy: 10% ($1,320)Property Management: 10% of gross rents ($1,188)Property Taxes: $2,065 ($905 for City of Memphis, $1,160 for Shelby County)Property Insurance: $450 per year Repairs and Maintenance Assumption: 2% of Property Value per year ($980 per year)Utilities: separately metered; all paid by tenant except for lawn mowing at $25 once a month for $300Advertising: 6% (roughly ½ of first month’s rent) $792 per yearDebt Service: Based on $49k purchase + repair price, 20% ($9.8k) down, 5% 30 year fixed is $2,525 per yearLocation:This is probably where most of my concern is coming from: Western edge of Hickory Hill, Memphis, 38115; major cross streets: just SW of Clarke Rd and Winchester RdAcquisition:Purchase Price: $42k, seller to pay closing costsRepairs: $7.5kTotal Acquisition Cost: $49.5kARV: Large range of comps in the area, best guess is $60kFinancial Metrics:Net Operating Income: $6,105Cap Rate: 12.33%Cash Flow: $3,580 per year, $298.33 per month, $149.17 per unit per monthCash-on-Cash Return: 36.5%Do you think it's a good deal?