My Freedom Plan - advice and critique welcomed

[Eliot M.]

I've put a plan down on paper to help me escape the rat race.  I've thought about this for over 10 years, finally took some action 2 years ago and bought my first rental.  3 rentals into it and I feel like I have a good enough handle on this whole rental investing thing that I can take what I've learned and extrapolate it out into the future to make a plan for my exit from the corporate world.  I have thought long and hard about this, built countless spreadsheets, talked to investors, realtors, lenders, family members, read countless real estate and investment and business books, and listened to hundreds and hundreds of hours of podcasts.  Now I'm ready to really lean into this hard and go for it.  But before I do, I want to post it here for the BP community to poke holes in it and test my assumptions.  I would really appreciate any and all feedback you can give me.  

In the markets I'm familiar with, I can buy houses for roughly $50k and rent for $750-$800 per month.  Using a traditional mortgage, this translates to an out-of-pocket of about $12,500 ($10k down pmt, $2500 closing costs).  Annual cash flows after all expenses, vacancies, travel, termite bond, taxes, maintenance and capex, are about $3-$3.5k (proforma picture below):

Using debt, I'm looking for AT LEAST a 20% CoCROI and really 30% will be my floor as I gain more experience.  

All that being said, I have calculated that I need 32 houses in order to hit 6 figures of passive rental income per year, after income taxes.  I have 3 now, 29 to go!  So it will be a long road and am looking for any guidance you could give.  Essentially, I am on year 2 of a 10 year journey (see pic below).

Has anyone else taken a similar path?  To me, 8 more years seems great when compared with 30 more years in a corporate job that I don't like.  But I also keep listening to these superstars on the podcast that "retire" within a couple years of starting.  Just listened today of some lady who had acquired 150 properties within 8 years, so I don't know what I'm doing wrong or incorrectly.  I have figured that if I plan to go buy 30 more SF homes, I could go get a real estate license and keep the buying side of the commissions, which will net me ~$40k and assist me in lopping off 1 year of my 8 year plan and making it a 7 year plan (reflected in the picture above).  I know things change and "the best laid plans", but I'm just fine tuning here and trying to think of ways to speed up the process "responsibly" and not wrecklessly, and all while I try to enjoy my life and my family.  

I hear a lot about direct mail, but honestly I can not stomach sending out thousands of $ of mailers every month in the hopes of getting calls back - my temperament is such that I would just rather go buy more houses... even if it means maybe I pay more.  

So anyway, there's the plan in all it's glory.  Please poke holes, offer advise, joke on me, ask questions as much as you can.  Thanks in advance!