Walk through a house that needs some rehab and take note of everything that needs repaired & replaced then spend a couple hours strolling through the aisles of your Home Depot, Lowe's, etc. writing down prices for what needs repaired & replaced.

If you would naturally replace cabinets or counter tops to make a solid sale, you could potentially keep existing and save even more money.  

If the numbers work out near to what @Daniel Miller  had stated, it would completely replace my current J.O.B. income in just a few years.The building is made of brick and is 98 years old, there is plenty of on street parking and parking lots nearby as well as the spaces included.  

., NORTH SYRACUSE, NY PARK LANE APARTMENTS 16 ONE BEDROOM APARTMENTS 32 TWO BEDROOM APARTMENTS RENT INCLUDES HEAT AND HOT WATER LAUNDRY ROOMS – 8 NORTH COLONY TOWN HOUSES 20 TWO BEDROOM, ONE AND ONE HALF BATHROOMS BASEMENTS WITH WASHER/DRYER HOOK-UPS TENANTS PAY ALL UNTILITIES WATER IS SEPERATELY METERED (TENANTS COULD BE BILLED FOR USAGE – NOT CURRENT POLICY) CONDITION OF PROPERTY: PARK LANE: ROOFS NEED TO BE REPLACED WINDOWS NEED TO BE REPLACED NEW BOILERS WERE INSTALLED IN 2009 DRIVEWAY NEEDS TO BE RESURFACED ALL APARTMENTS AND COMMON AREAS ARE IN GOOD SHAPE NORTH COLONY: ROOF WAS REPLACED IN 2009 WINDOWS WERE REPLACED IN 2009 DRIVEWAY NEEDS TO BE RESURFACED / REAR OF BUILDING NEEDS PAINTING FINANCIALS: OFFEERING PRICE $3,200,000 REPAIR INVESTMENT FROM SELLER $200,000 -SELLER WILL GIVE BUYER $200,000 AT CLOSING FOR ABOVE LISTED DEFERRED MAINTENANCE ITEMS PROFORMA P&L - MONTHLY RENTS @ 100% $44,000 LAUNDRY COINS $1,100 MONTHLY INCOME $45,100 EXPENSES MORTGAGE - $2,560,000 @5.5% FOR 25 YEARS $15,721 PROPERTY TAXES 9,700 PROPERTY INSURANCE 1,600 ELECTRIC & GAS (2013 ACTUALS) 1,700 WATER (2013 ACTUALS) 1,300 VACANCY ALLOWANCE – 8% 3,550 ALLOWANCE FOR MAINTENANCE 2,500 ($36,071) NET MONTHLY CASH FLOW $9,029 17% RETURN ON INVESTMENT OF $640,000 A few things to note.

If the grease has hardened up ( 3 years ) without pumping the line the whole grease tap and line might need to be jack hammered up and replaced.

My hops is to do well enough in real estate to be able to replace my income down the road.Not sure if this helped any. lol. 

The brewery is on track to be able to almost replace my "day-jobs" income within 2 to 3 years.The crux of my issue is that time is the new commodity which seems to be shortest in demand.

Then,  you glaze it in just like you were replacing glass.  

You should also set aside 10% of your net income as a capital reserve to fund all of the renewal/replacement of the property itself (roof, HVAC, floors, kitchen, bath) which will occur every 5-20 years and replacement of appliances (fridge, stove, washer/dryer, etc).That's a $120K investment.

In your analysis and setting of metrics, do not forget to make sufficent allocations of net income to capital reserves for future capital expenditures (roof, HAVAC, sewer line replacement, etc).Welcome aboard and best of success to you.