Check your credit before you act and call around to various lenders to see what their requirements are. most lenders will try to help or at least point you in the right direction to attain the credit scores they desire.Best of luck and hope this helps.

Is this really attainable?

Unit 1 currently rents for $850, after improvements (adding central air to whole property, W/D in basement) we will rent for $950Unit 2: Total gut job and we will rent for $1,150Income/ExpensesTotal Monthly Income: $2,100Expenses: $830.57, Saving: $315, Total = $1145.37P&I: $531.45 + $40.26 (additional $7,500) = $571.71Insurance: $100 per monthProperty Taxes (yearly): $23875% vacancy, 5% repairs, 5% CapEx (we are replacing roof, gutter, new A/C, and 2nd unit will be brand new everything) = $315 per monthMonthly Cashflow: Before Saving: $1269.63, After Saving: $954.63For our calculations, we use the before saving value because we both have full-time jobs and will be dumping a large portion of our paychecks plus cashflows from this property and other properties into an account so we will have ample fund if something were to come up)ROI:Purchase Price = $82,000$33k (down payment) + $2.5k (extra cash needed) = $35,500Total Monthly Income = $2100Monthly Expense = $830.37Monthly Cashflow = $1269.63ROI = 12 * $1269.63 / $35,500 = 42.92%ROI (w/ savings) = 12 * $954.63 / $35,500 = 32.27%Cap Rate = 26.36%Cap Rate (w/ saving) = 21.75%Additional Factors:As stated above, this is one of the last parts of Oakley that is being improved upon and the average home value is $199,500The house next door (that is the exact same as this property) sold last summer for $165,000With the combination of the two above, one of our exit strategies is converting the property into a single family down the roadThank you for reading!

Is this legitimately attainable or an exception to the norm? 

We have ample anount of reserves and private money to close on most deals if we desired.

I'm sure there will be capital expenditures and vacancies and other surprises that eat into that but for the sake of argument, let's say $400 a month cash flow is attainable, which it definitely is.

I  don't mean to be negative, I just want you to attain enough money to finish the deal with the least stress possible.Do you by chance own a home that you can have enough equity in that you can use a home equity line of credit (HELOC) that you can borrow from?  

I think that generating 1% with the rental rates as they are in Las Vegas it should be attainable.

They are very informative, and contain ample information. https://www.biggerpockets.com/blogs/

Your goal is completely attainable, so don't let anyone discourage you.