The formula to calculate the 1 Percent Rule (R) is:
\[ R = P \times 0.01 \]
Where:
Let's say the purchase price of the property is $200,000. Using the formula:
\[ R = 200000 \times 0.01 \]
We get:
\[ R = 2000 \]
So, the minimum monthly rent should be $2,000.