It is in a desirable area of town, in the same sector/neighborhood of properties ranging from 500k-1.5million.

I am guessing that the vast majority of homes 10+ years old had some sort of water damage at some point, most had probably several.My own home is only a few years old and we had the washer spring a leak and a few years later the RO system in the kitchen started leaking into the cabinet.Seller disclosures are pretty useless in my opinion.

This puts the current market rents of $885–$925 per unit well within the affordable range, with room for modest increases post-renovation.I’ve also reviewed competing properties in the area; apartments seem to be listed between 975 -1000, and houses are listed between 1300-1900.

Most that I sat through are in the 5k range.

Memphis, Little Rock, Oklahoma City, and Tulsa are solid markets that many of our investors in your price range tap into. 

As far s your questions goes,  I have had properties that were negative, and I sold them before they ate me up, but the vast majority were all newt positive CF. 

The vast majority of properties at their available prices will not meet this requirement.  

in a vast interview process with many steps before allowing someone to move in. a new roomie is an everyone-decision, not a landlord-only decision; if you're expecting people to co-exist in a space together (for longer than just a few months), you have to make sure they all have some things in common, or at minimum have the right expectations in terms of cleanliness and routine habits.someone working the night shift and someone else having a 5am rise-time, or someone who works from home in a call-center job is not going to jive well for example. and someone who doesnt handle conflict well is not going to jive with someone who is brutally honest and up front about issues. happy to go into more deets on how we do things if it will help. this can certainly be lucrative in terms of cash flow, but there are huge mud puddles i have stepped in over the years which i have had to learn to navigate.

I'm running your numbers and getting in the low 20% range.

In your experience, do you have a range that is charged?