Purchase price: $200,000 Cash invested: $48,000 Bought for $200k with 10% down private money loan and put about $22k into the rehab, new floors, paint, appliances, fixtures, and artificial turf.

It looks like it has a little guest house attached to it as well and a decent size lawn.

So I found a duplex in NJ that has clear signs of it not being used: the lawn is overgrown, the window blinds are pulled all the way up, and it's completely dark inside.

Is the cash flow being produced by artificially buying down an interest rate cap? 

PMI (private mortgage insurance) can quietly eat into your cash flow, especially on low-down-payment loans.Cash-on-cash return looks artificially high (or even infinite) with 0% down, because your investment is close to $0. 

Yes - cleaning cost + lawn care +pool care + county taxes all coming out of the host payout in addition to the 18% PM fee.. so quite expensive before I see any net payout

At that point, you either have to start to hire people or you have become that grumpy landlord with 98 doors who still mows the lawn and picks up trash.Equity and net worth are of course better metrics.

I include lawn care with the rent.

Consider all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.5.

Think of all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.5.