Hey @Corey Jacques ,
Estimated repairs looks low. $10k doesn't go very far, perhaps some interior paint and maybe 1 new appliance. Most likely will need additional improvements before fully rent-ready (depending on the neighborhood standard)
Management cost looks low. Property Manager's in St. Paul typically charges 8-10%, so 3% won't be enough.
Unless your rent amount is way under market, you'll need to increase your Vacancy rate to 8% since 8% = 1 new tenant every year and 1 month to turn the property over.
As a whole for Expenses, looks pretty good.
I don't see a major benefit of refinancing after 2 years if your loan amount remains the same. It typically costs a few thousand dollars (e.g. $5,000) and you'd need more savings than costs to justify the financial restructuring.
St. Paul can have some very low-rent neighborhoods (Dayton's Bluff, Phalen) and those rent closer to $1,000 so be incredibly confident about the rent amounts. Property Managers can often help you fine-tune that amount.
Overall, make sure for sure that the rent is accurate and increase non-finance estimated expenses to 50%. Basically, all expenses (excluding PI) to 50% of Rents, then subtract off the P&I, to get estimated net profit. The deal might be a little more slim than initially estimated.
