Just make sure to set some money aside for expenses, including vacancies and capital expenditures.

I believe over a couple of years I will be able to get my current tenants at least to the $1500 mark.Jack, that is my dilemma....I have a tremendous tenant that is paying off the vast majority of my mortgage, I am hesitant forcing them out if they can't go any higher, only to find myself with a crap tenant down the road (to me the additional headaches of a bad tenant aren't worth 200 a month).As far as CAP EX goes, the only big expenditure on the horizon is the roof, which has 2-3 years left on it. 

From my initial look, I didn’t see a budget for things such as Repairs(future), Capital Expenditures, Vacancy(future), and Property Management.

The capital expenditure costs depend on the property you are purchasing.

@Nick Vehr That seems fine - I'd consider pushing it to 20% if you can identify any concrete expenditures (water heater, furnace, roof, etc.) or if it's an older building, but otherwise that should be a fine estimate from what I can tell.

I have been saving the receipts and invoices from handymen for the tax season just in case such expenditures are tax deductible.

Ideally if you are renovating, you are reducing the opportunity for capital expenditures. 

Overall, the spreadsheet you have to drop in all your numbers for income, debt service (mortgage), capital expenditures and expenses should give you a good idea of the return you are looking for.

Maybe I should bump up cap expenditures, currently at 6%

I plan on putting together highly detailed project books (details of the purchase, budget, cost expenditures, before and after photos, and sale details like DOM vs average area DOM, sale price as a % of ARV, etc.).  2) Is there a better way to do this investment than I have outlined above?