Thanks TomTX.

Expenses are $6390 (prop. mgt, prop taxes, prop insurance, repairs, G&A).

So - you are saying take gross ($35,240) minus the expenses ($6,390) and that gets me to a net of $28,850. And then multiply that times 25, and I get $721,250.

So, use the 4% SWR on the net income (not the gross). Right?

And, as you say, there needs to be contingency funds stashed away (there are), but would you include those in any value calculations?