Am I missing any of the basics?

[Kirk Spillner]

After self educating myself on blogs, podcasts and threads I think I have come up with a basic list to analyze property for myself. If someone could just look it over and tell me if I'm missing something that could limit my ability to weed out a good deal vs a bad one I would appreciate it. I appreciate all criticism!

• Cash flow/Initial Investment: Should be around 10%?
• Initial Investment:  Money down + rehab estimate + closing costs
• Cash flow/Assets: 
• 50% Rule: 50% of rent will go to expenses not including the P.I.
• 1-2% Rule: Rent should be 1-2% of purchase cost
• CAP Rate: 5-10%?
• Operating Expenses: Taxes, insurance, off-site management, repairs and maintenance, permits, advertising, vacancy (12%), Misc; and Lawn care
• Net Operating Income: (Potential Income – Vacancy = Gross Income – Operating Expense = NOI)
• Cash flow before Taxes: NOI – Mortgage payments
• Taxable Net Income: Includes Depreciation
• Rentometer.com: Estimate of what avg. rents are for the area