I'm a little confused as to why there is nothing for closing costs, but besides that it looks like a solid deal and the expenses you estimated seem to look realistic and even conservative.

We’re thinking to do an FHA loan, and owner-occupy, for 3.5% down to conserve precious capital.

I know this is a relatively conservative approach, but it has served us well. 

So some more information/questions which I did forget to include:We have two properties that we have already run the numbers on and they are very good, even being on the super conservative side of everything.

His vacancy is conservative, taking into consideration two months for turnover. 

Given that housing prices are hard to estimate until they hit the market, is there a way to come up with a reasonably conservative price which would not be considered a gift?

If it’s a B or A class neighborhood and your at -100 cash flow after conservatively estimating expenses...your really investing for the long term.

These returns are uncapped and the projections are conservative.

I know for me personally, even in deals that I feel will make investors 20%+(which are the only deals that I buy), I will approach the numbers more conservatively, so that I am showing under 18%. 

I've done the math and once I get 3 houses paid off, the mortgages start falling like dominoes.I can't currently move out of the Bay Area bc my kids are in high school.As you might have deduced, I'm a pretty conservative investor.