I completely agree with @Phil Anderson about needing to physically look at a property and see what the value is.

If you are below-market you are well within your rights and being fair by keeping your rent in pace with the competition.I like that approach, I havent had this problem before but i should've incorporated that when i signed their lease in April.

The value add will be mostly in increasing the projects occupancy from low 70s% to market occupancy (about 94% physical, 91-92% economic).

Justin, I looked into this and it seems in NJ I do not think the state allows us to do our RE license online we physically have to attend a class.

That means not just having physically been there so I know the in-person vibe, but everything I can possibly know about the general area, the demographics, the rents, the history of an area going back several years, any planned development or investment in the area, etc. 

However, if you can get $1100 SFL for $75K, I think that's still a good deal.Also, one thing i noticed that these calculators are missing are if you are using a PM (which it looks like you are), they charge a placement fee, which should def be incorporated into the numbers. 

Sure, just rented to a homeless guy last week and the first payment won't be made and google earth will not help you here, you have to know what sold in the last 6 months and physically drive the property yourself. 

Having access to the financials, documentation, and physical inspection will help you make a sound business decision as to proceed, or move on.

https://www.biggerpockets.com/store/flipping-physical

The down payment and rehab budget would come out of my home equity line of credit and I would get a new mortgage on the rest.My father will do all the rehab and manage the property, physically.