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A practical worksheet would have three columns: expected, stressed and break-even. Start with $88,824 annual rent, then deduct vacancy, management, property tax, insurance, routine maintenance, turnover costs and the larger-repair reserve as separate lines. Divide what remains by $1,090,000 for...

I disagree slightly with choosing a target net yield before deciding how much uncertainty is in the rent. An 8.1% gross yield could be acceptable with stable occupancy and predictable expenses, yet poor if $7,402 depends on unusually favorable leasing conditions. I’d want evidence supporting...