Hi, my name is Bob Cantwell, I am 50, have two teenage kids, work as an electrical engineer and am in the process of relocating from Dallas to Austin as part of a job change.My wife and I have just sold some vacant land that was held as an investment and we are planning on purchasing SFR in SW Austin as a part of a 1031 exchange.

In addition, the gas and electric was in the tenant name.

Needs everything, electric, plumbing rough & finish, HVAC, insulation, drywall, kitchen etc.

This cycle is being impacted by so many influences (world economies, internet sales, warehousing, energy costs, consumer confidence, residential bubble, governmental regulations and taxes, etc., etc.): but, the bigger players have been acquiring portfolios and/or investing for the last two years.

Insert cars, knives, rocks, electrical outlets, tornados etc.

I'm torn between the "if you're working to hard to make a deal work, its not a deal" mindset, and my persistent ability to keep working at something until everyone is happy.I have a track record of not giving up until I get what I want, but as I get older I am also weighing this trait against the amount of time and energy expended.

Here is this info:3 unit property - fully rentedAsking price: $99,900Unit 1 - 2 bed, 1 bath, $500Unit 2 - 2 bed, 1 bath, $500Unit 3 - 3+ bed, 1 bath, $800Taxes - $4,105 (2012)Owner pays sewer and waterTenants pay electric and heatAll separate utilitiesNote - I plan on adding a few properties per year and will certainly be hiring a professional property manager from the get-go.

Ditto with electrical.

I buy most electrical supplies online off Amazon or EBay.

I don't think you can assign a real formula, because for every deal there needs to be some flexabliity and some deals will need to have more profit to offset opportunity costsSome examples- A SFH working right now that needs new heat system, new kitchen and baths requiring a total out of pocket of 50-60K after down payment, finance costs, carrying costs, ect might be worth while for a 30-40k profitHowever a major addition, new heat system, new electric system, add a half bath on existing main level, and otherwise total gut requiring 100K out of pocket might not be worth doing.