The 10% vacancy and repairs, along with 5% capex in my opinion are pretty high. 

its highly risky for most mom and pops to sell on sub to.. and its simply not a way for those without substantial wherewithal to buy property and keep the seller safe..

Like you we had 3 teams of two door knockers  2 for safety one women one man.. and we door knocked every NOD in our 2 mil MSA  all to boil it down to if we were very lucky to get 2 to 3 deals a month.. now we were a little different I only would buy very high equity deals.. and we leased back .. because as you state 99% don't want to leave.. 

Some high and lowlights:- I had one tenant that brought German cockroaches in and then blamed it on me- Same tenant asking if her daughter can visit but failed to mention it was 5 more very noisy people- another tenant having constant loud arguments with his gf- tenant saved some of my stuff when the house flooded due to a pipe burst and another time during a monster rain storm.

Its money well spent land development is high risk high reward.. depending on Jurisdiction. 

Condo's usually have high HOA dues which will eat into your cash flow.

@CraigIf you have two offers with that high of down payment already you must be living right!

high priced markets like west coast pricing might be 75 to 95% of note value..

I’ve seen Windsor hills and it looks nice, hoa seems high though.

Is this expected since interest rates are high and listing prices are subsequently dropping?