Could be a bit less or more too; just depends on local standards and practices.

The trees outside aren't old enough to present a serious hazard to the sewer lines and the properties were all fitted with copper water lines to start with. 

And, just for fun, I also included potential gains in the stock market (opportunity cost if he invests in stock market v. rental property) for the 5 year period at an industry standard 7% gains and also an optimistic 10% gains in investments.

You keep looking for the "perfect" deal, chasing an unrealistic standard that you can never meet.

Will you have tenants pay water, sewer, garbage, electric, etc? 

@Douglas Ellis what about a standard renovation loan with 15% down? 

E.g. shingles, drywall, flooring, trim, paint, water heaters, HVAC, etc.

I am also looking at trying to do some wholesaling to try and generate some money to start looking at rehabbing.A little about me, I am 31 and finally starting to realise that no matter what I do I can't make enough money to raise a family with working a standard W-2 and I have always wanted to start my own business for as long as I can remember.

Gross Income: $20,400Annual Expenses: $13,988.40Annual Cash Flow: $6,411.60Annual expenses, include- water, lawn care, capex, property manager, maintenance, vacancy, Insurance, taxes. 

Does anyone have a standard contract for this?