Caveat number two. The net price calculators are current,unset up for students enrolling fall term 2016. They might not be accurate at all for future years. Anything you get now should be considered an estimate in a huge way. Make sure you run the NPC in September of your kiddos senior year of high school.
Formulas do change. Policies for awarding need based and merit aid change.
Caveat number three which I am restating, since you are self employed the NPCs may not be as accurate for you as for someone who is an employee. Very often colleges will disallow certain legitimate deductions (for example depreciation) or value your business differently than you do.
If you own a home and rent it out I think the rental income would adversely affect your income in terms of qualifying for need based aid. There is another thread on the financial aid board about a family renting out their home and getting far less aid than expected.
There is another thread about a rental…but it also is worth a LOT of money and is fully paid off…so the equity in the rental property is an asset…in addition to the income it is generating.
Still…you are right…rental income will need to be added in on the financial aid forms.
Thanks everyone! I realize our situation is unique and the net price calculators may not be very accurate.
I read a few other threads regarding rental properties, and other than the rent being added onto income, it sounded like the asset itself would be counted only in conjunction with the debt remaining on the property.
Still sitting on the fence. Anyway, thanks again for your feedback!! 
University of Michigan has some detailed (and sometimes complicated) provisions to qualify for in-state tuition:
http://ro.umich.edu/resreg.php
I know this from personal experience – I applied for a grad program there and was denied in-state tuition (at first), despite having been a Michigan homeowner and taxpayer for 20+ years…all because I graduated from an out-of-state college 25 years ago.