A Year 1 analysis of the returns from either MFR or SFR property, to be used as a screening tool when purchasing. Input assumptions based on knowledge of your area, particularly taxes, water, prop mgmt rates, etc. *Average Tenancy* period is a critical driver of profitability, as it impacts vacancy time, leasing fees, and turnover costs. *Replacement reserves* are for the 15-year items: roof, furnace, AC, water heater, heavy cosmetic update, etc.