It seems like you recognize this by your response so this is to clarify for others that your $500/month cash flow is based on current actual costs and is not subtracting off the projected monthly cap ex on the large items that should rarely fail (assuming decent inspections in the first year of ownership).  

You can always rework it if needed:ARV (After Repair Value)*.8=your all in costsThen subtract rehab and cost of acquisition=offer price.Hopefully this helps.

So once the payoff comes back, you subtract out the closing costs and that's what your payoff amount will be to your new lender. 

Subtract expenses and It's around $50/day. 

I compared their estimated expence sheet to my own market research, and if I put 25% down on two properties worth about $500-600K total, then I'd make about $215/month in TRUE CASH FLOW (I subtracted 20% of monthley rent to cover future expences/taxes and property management; don't forget to have a cash reserve for 3 months of rent). 

Subtract $19,000 down payment; leaves $96,000. 

Here is some month end numbers after I switched PMs:Rental Income: $6743Owner held security deposits: $2300Total income: $9043Expenses: $1846.44Net income: $7225.31**in a category he calls "other items : $2300 security deposits, $250 prepaid rents, -$4630 owner payout, added together: -1180Net income: $7225.31Other items: -$1180Cash flow: $6045now here comes another fun entry:he takes Cash flow ($6045) , subtracts out the security deposits, again to arrive at $2845, which he labels "Actual cash flow" (what?)

Apparently I just have to subtract other expenses manually (at least without a Pro account). 

City got their tax money, my seller had a sizable profit, the buyer built a spec house (that went under contract in 7 days) and the neighborhood benefits by the subtraction of a dangerous vacant parcel and the addition of a brand new home!

From that $120k you would need to subtract out all your costs to find your net cashflow.