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Subject Expert
There’s a quick calculator on BiggerPockets you can use.
I also like the spreadsheet from InvestWithAce on Instagram. He has a ton of great content about buying and managing out of state rentals.
Make sure after paying mortgage, insurance, condo fees, etc you are saving at least $500.
Per month?
Right now it’s harder due to the economy, interest rates, taxes, property taxes, and rental prices. Do your due diligence in estimating costs for all items to include, mortgages, taxes, fees, upkeep, tenant issues, and other miscellaneous costs.
Disagree. Depends where you are
Make sure you are underwriting your deal well. Include estimates between 10-20 percent for vacancy and maintenance (percents depend on your market and risk tolerance). Most important metrics to look at IMO are your cash on cash return and monthly cash flow amounts.
Coach
I like dealcheck
Michael Blank sells a thorough underwriting worksheet that folks I'm associated with use