For these properties, I’ve calculated the Net Operating Income (NOI) based on 100% occupancy, then subtracted approximately 33% for expenses.Storage 1Unit Number: 105Size of Land: Litter under 1acre, probably not expandablePopulation: about 34K within 3 miles,Population Growth: 2-5% per yearTraffic Count: about 4KRent at 100%: $110KProjected NOI after deducting 33%: $73.7KAsking: $900KOffer price: $730-780K?

Consider it as a baseline, says Quicken Loans: When you sell the property, the cost basis is subtracted from the net sales price to determine capital gains tax liability.

Then look for houses that will be priced so that, using the zillow, trulia, whatever, calculator, when you look at the rent and subtract off the calculated PITI will produce at least $200 a month. 

Subtract expenses from rent.Rent - expenses = cashflowBased on your numbers $2100 - $1616 ($3232/2) = $484You are likely missing several expenses, but this should help.

A more realistic estimate of the cash flow is 50% of the rent (not laundry, that's a separate business) then subtract the P&I.

After everything, I'd end up with a permanent loan of about $194,000 with P&I payments around $1280.Rent: $2800Expenses: $1120 (40%, assuming I manage it myself)NOI: $1680Payment: $1280Cash flow: $400If you want to wholesale it, subtract your fee off my price.

I would subtract all due expenses, moving/set up expenses from banks asking price for starters.

Subtracting half for all maintenance and vacancy means I net $5,700 per year.

I don't mean phoney cash flow (rent - PITI), but the real deal after subtracting reasonable expenses.

The capital gains tax is only on what your "gain" was ... you take the amount you received at sale, subtract commissions and transfer taxes and any costs of sale (including fix up costs) ... and you subtract from that amount (your "net") ...everything you paid for the property.