@Jimmy MoncriefShort Answer:Start at 550k and be willing to pay 650kLonger Answer: I get the same number that you do, but I don't see a management fee, cap ex or vacancy expense in the calculations anywhere.With an 8% management fee and a 6% vacancy expense I see this place losing you about $460/month.I have no idea how much your cap ex costs will be, but I would imagine a place like this probably has a roof that costs 15k or more to replace.

You should have this in your contingency ... because there's a good chance you'll have to do it and a chance you won't.Rebuilding/replacing piers are 100% observable and should be in the budget.

Also, I did not immediately demo the shed because he has things in there that I do not want to be responsible for replacing.

Another example, sections of the rimjoist have rotted from vent neglect and will need replaced...

The computer is a great tool, it doesn't replace seeing to learn.

Essentially take your percent and replace UPB with RE Value to come back to the realistic pricing.

To remove the lead paint we just removed the door, frame, etc. and replace with new.

What these markets all have in common is that they are highly desirable with blue chip status, have almost no new land (except infill/replacement development), and have a global client base.SF has had an annualized growth rate of about 4.5% over the last 30 years or so; rest of the country I believe 1.5-2%, many areas even less.

I think it could increase to 1400-1500 easily.Vacancy: (117)Gross: 1183__Mortgage: (350) 10% Down, 73395 @ 4.5%Property Taxes: (83)Insurance: (133)Maintenance & Replacement: (166)Property Manager: (118)Admin/Legal: (15)Expenses: (865)__Total Cash Flow: 308/MonthFor my first post here, is this a good deal?

If the water is off and the property vacant for some time, automatically figure on replacing the hot water heater and repairing or replacing bathroom, kitchen and outdoor faucets.