Fellow newbie here so feel free to take my thoughts with a grain of salt :)I️ second the sentiment of confirming rents in that area - I️ visited with a few turnkeys in KC about a month ago to get a feel for the area and felt that some of the rent estimates were more optimistic than warranted.

I guess I am just an optimist...  

I won't say much more on this for the sake of being optimistic.  

I'm hoping that everything will start coming together fast but not very optimistic.

I'm basing my current (potentially over-optimistic) price estimates off of some cursory Loopnet research.Tim

Deal seems a little thin to me--$200/mo on a $40k cash investment is around 5% coc return--and that assumes the optimistic CAPEX you listed. 

I've just sent out my mailings that I obtained from List Source and I feel great; just accomplishing that small feat gives me a boost of confidence, very optimistic.

Apologies for the rant, but I'm sick of seeing these optimistic pro formas done by turn key companies.

And this using a 203K FHA loan in the brutal market of Boston, on the east side of the Port Norfolk bay area.Facts & Numbers:2 beds & 2 baths on each of the 3 unitsPurchased for $655K @ 5% down-payment and a generous dose of 203K closing feesTaken a 30K cushion for the 203K streamlined rehabLocked in 4.25% @ 30 year interest rateAppraised at 750KThe numbers are certainly not the exquisite definition of what a ground-breaking deal stands for, but they certainly fare decently well in this seller's market where cash investors rule, the inventory is constantly challenged and most properties are getting sold for over asking price, taking advantage of the current interest rates, the Everett Casino construction, and a few other speculative but pragmatic plays.Just like most everyone else that was not raised or surrounded by real estate professionals from a young age, this deal was pretty much riddled with small mistakes here and there, from neglecting the fire department smoke and carbon detector regulations, being over-optimistic on the underwriting guidelines, underestimating the cost opportunity due to all sorts of processing delays, and you name it.Currently free from tenants, the expectation is to add value by rehabilitating the under-developed basement, adding 2nd and 3rd floor balcony decks, and a variety of practical and aesthetic fixes.

I'm over generalizing but you were probably too optimistic.