However, not to rain on your parade, but your numbers are a bit optimistic.

I'm an optimist so for the most part I would want to have the equity.

There are crimes and drugs, and murder in the town, I am optimistic and speculating that towns like Methuen and Haverhill will develop in the next 10 years much like Somerville and Cambridge did.  

Expenses should be lower but i didn't adjust as i felt that would only make the projection MORE optimistic? 

I work full time and am doing quite well in that regard.I do realize that there is a very large risk in thinking that I can keep it rented and perhaps I am being a little too optimistic in that regard but I do know that the area I live in is highly desireable for young professionals and I have a few friends who have been very successful in keeping their properties rented in this area.

Just spoke with a reputable property management company and they estimate $1100 - $1200 rent, though I believe they are way too optimistic.

Tread extremely careful if you're a newbie or an optimist since this might be the beginning of the end of your real estate investment career.  

Like nearly all wholesalers, their ARVs are optimistic.  

Some estate reps start off cocky and optimistic that things are "under control" then discover that there are other problems, like foreclosure, defaulted property taxes, tenants, etc. that were not initially apparent. 

Our numbers and needs are inline ( meaning he's ready to go to escrow) so I'm optimistic about the deal.