@Quan Pham have you investigated at all the potential increases in property taxes and home insurance (need to have landlord policy) and included them in your cashflow calcluations?

Be sure you to have offer for potential homesellers to raise their hand... like a Home Seller's Guide.Call expired and ask them how come they think their house didn't sell and listen to what they say. 

We’re looking for Excel models to compare these options and calculate potential net worth in both scenarios.

Mortgages for LLCs with personal credit under 680 are tough and expensive, and under 640 are typically not really economically practical for the borrower. 

G'Day Alejandro,As a few have already mentioned, take a peak at Toledo also.In my opinion lower potential for long term appreciation but solid/"boring" cashflow.I prefer my portfolio to be "boring" but cashflowing lolLow entry points (Sub $100,000), high rents (Above the 1% rule).Blue collar working class decent folks that will stay and pay.Depending on the area but no derelict homes, yards well kept, cars with wheels and all tenants are employed.Plus, all are sophisticated enough to pay rent online so property management doesn't have to collect rents with bullet proof vests and shot guns lolI'm bias toward Toledo but it's worth considering.Wishing you much success

For our second STR, we are currently researching Sherman, potentially / ideally, a less expensive duplex that we could rennovate and self manage from Dallas with workers coming to the area in mind. 

And What other conditions/terms/costs do you calculate when underwriting the potential of a deal?

For southern states, you might want to look at smaller markets in Alabama, Mississippi, or parts of Tennessee and Arkansas where properties are still affordable and cash flow potential exists.

In efforts to get more experience with IOS, we are seeking a financial partner that potentially has experience with this asset class. 

This just seems like it puts me in a potential bad situation if something goes wrong during the process.