[jorian]

A quick scan of the classifieds showing similar accomadation will tell you what the market will bear. Breakeven is obviously the target you are looking for however, in my area of Vancouver this is not possible. I don't know what your area is like but I always use a 30% expense ratio (30% of gross rents) when calculating. Generally the nicer the unit is the less your expenses will be - but your acquisition cost will be higher. A low rent unit will be cheaper to buy but more expensive to maintain.

If you can get 1% of your purchase price per month in rent you will do well.