After a minor rehab the house currently rents for $650/month, which gives me an annual COC return of 19.5% after rehab but before taxes, insurance, maintenance, possible vacancies and any necessary capital expenditures (major one done with purchase, heating/cooling system).

In my opinion this is tempered by the fact that the HOA will cover a vast majority of capital expenditures on a condo, such as roof, exterior walls, plumbing etc. and also landscaping, whereas in a house you must save for those costs. 

Make sure you are factoring in vacancy, repairs, maintenance, capital expenditures, property management, taxes, insurance (plus flood if needed)...all these may look like overkill when it takes a $600 monthly cashflow down to $150 but over the long term you will be able to hone your estimates as you experience turnover and normal repairs and such.Take action!

So, I guess my basic advice would be to check the rental market and make sure your total mothly expenditures don't exceed that by much. 

I've been able to garner some different pro forma spreadsheets from a few places, but none of them really helped walk through the nitty-gritty of what kind of expenses to expect and what percentage of monthly income to assign to certain expenditures.

Are the rents enough to support future big capital expenditures, like roofs, boilers, chillers, etc.?

For example, a large operator such as Sam Zell of Equity Residential is able to utilize in house lawyers to lower property taxes, in house accountants to lower professional fees, in house construction which can negotiate lower costs for Capital Expenditure items and will also most likely have a centralized marketing department that is able to service all of their properties in a cost effective manner.

Again - these are just rough rules of thumb I use and you will need to adjust it for the condition of the place, average vacancies in your area, and the Capital Expenditures you see on the horizon. 

After putting in several offers just before New Years I got this one to stick.Property#1Property Address: Fayetteville, NC 28306, USAPurchase Price: $36671Rehab Cost: $20,000ARV: $83000Current Rent: $850Cash on Cash: 13.6%Vacancy: 3%Property Management: 10%Capital Expenditures: 5%Maintenance: 5%HELOC: $35,000Monthly Cash Flow: $398What I did- Financed the purchase with a credit union at 4.75%.

I am following this discussion: an aging population means greater need for cemeteries or cremation gardens.Looks like there is also a business of buying and selling burial plots. https://www.moneysense.ca/spend/real-estate/selling/how-to-make-a-killing-selling-burial-plots/