We have the same situation...we took last year's utility bills, split them among the three units, and added them to market rate rents. 

As a market is flooded with out of state investors, it will increase prices and compress cap rates.

However, the nearby schools are not that highly rated (5-7) compared to a couple of lesser properties in Elk Grove proper (smaller square footage and fewer bedrooms, worse condition).

They're a little pricier than traditional conventional rates, but with good credit they are in the high 6's, low 7's on a 30 year fixed. 

Property taxes as well as when the tax rates were last revised (and when the upcoming revisions will be)Vacancy rates for the last yearWhat expenses does owner pay vs tenants pay

I was thinking I would pay an hourly rate at a handyman rate ($10-15/hr which is normal in my location), but give them a bonus on each completed rehab.

Most of the investor options are from legacy portfolios that are reaching the point of needing LOTS of investment, which is why we were really considering refinancing the larger home that has so much equity in it to lower the payment and try to cash flow more to build our reserves but maybe the better strategy is simply to sell it while the market is high and rates are relatively low.

Usually that rate of cashflow requires renting in a "war zone" type neighborhood that most people would shy away from.

Too many newbies are waiting for a market Correction, the reality when it happens interest rates will be higher and the Experience Investors are the ones that will be able to take advantage of the opportunities available..When I started about 3 years ago everything I was researching was at a new time high, my only regret was not starting earlier..If a deal makes sense and you have the resources to buy don't wait if your goal is to invest in RE.. 

I would love to connect to get an idea of how it's going for you (vacancy rate, cash flow, your overall experience).- I'm drawn to the Mt Pocono area for it's proximity to local attractions, but does anybody have any other recommendations?