@Katie Huynh
I think you are making this too hard. The %s are a guide, not a end-all-be-all. You need to get comfortable enough with the numbers to be able to go with your gut. And everyone's version of what is acceptable is different. Here is my recommendation:
1) Secure your financing first; not what online calculators suggest. This will tell you what you have to work with. Get a real insurance quote for a rental, not a owner-occupied home.
2) Become friends with a contractor or someone you know/trust whom has taken apart a house (preferably many) that "look fine". Then ask them their opinion on it. Buy them lunch at their favorite restaurant if needed.
3) Go see the house. Remember that pictures never tell the whole truth. Ideally, take your new trusted friend with you when you go see the house. PM-me if you need help to access.
4) Who says it is a great starter property? A better question to ask is, would you or do you know anyone that would be OK with living there?
5) Look at rents realistically in the area, not what you hope for and focus on why people would rent this property. Take a survey.
6) Make an offer on it, with the numbers you are comfortable with and run with it. Offering onto a property is a lot different than getting that offer accepted. Just remember, the "deal" is made on the purchase side.
If all this seems like too much work, here are 2 options.
1) Put the money into the stock market, or
2) PM me the address, so I can go and visit it and if it pencils out, I will buy it, and make it cash flow just fine for my taste.
