We should have been less optimistic about our ability to get a premium on the resale; the numbers told us that a resale was likely at $240,000, we were stubborn and thought we could get $300,000.

Some properties have done well and others not so well mostly due to vacancies, optimistic appreciation estimates,  and tenants destroying my properties.

If you don't want to put any time into getting to know the invention, pass up the opportunity but your pessimism may tip an optimist away from the greatest gift a strange has to offer them. 

I used to be very optimistic on my repair costs and learned the hard way a few times.

The value of the house now is probably in the $280-$300k range now depending on how optimistic you want to be.Calculating ROI on it seems rather subjective because we bought it for like 3% down back then and it was new construction which limits my expenses some.  

I ran into this in late-2007 when purchasing my first property, and was still able to finance at favorable terms, although it was difficult, so I am optimistic.

(I say probably because I have not seen your entire financial packet & property numbers - so I'm speculating from what you are saying) 75-80% LTV at under 5% - under the current mortgage lending condition is too optimistic.

If it's multi, you will likely have some utilities to cover, like water/sewer or house electric.Your loan assumptions are very optimistic.

@Zachary Bellinghausen, Zachary, I invest in a lot of syndication/crowdfunding my personal portfolio.My experience has been that the majority tend to be overly optimistic in some way.

Common "pitfalls" would be incorrect rehab estimate, contractors flaking out and not finishing or doing shoddy work, permit issues, finding hidden issues like foundation cracks, termites, mold, being too optimistic on comps, ignoring closing and holding costs, your own mental fatigue.