2% Rule is the Stupidest Thing EVER!
It's misleading as all hell. It doesn't focus on the truly important elements of the underwriting. And @Brandon Turner is not helping anything by continuing to talk about it on his webinars.
[Note from Brandon: see my response at the bottom of page 2 of this thread... ;) ]
Who cares what the income is? The NOI is what's important. 2% Rule is garbage and cannot even be used as a rule of thumb, y'all!
Learn how to analyze property, and run far and fast whenever you hear anything about any rule of thumb. There are no rules of thumb in this business. Be professional about this...