What should I anticipate that I'm not anticipating?

Josiah - I took a look at your analysis and you might want to consider: expenses for common utilities (i.e. sewer, electric) if there are any, "re-leasing" fees from the management company (I would anticipate 1 or the 4 units needing to be released each year), and then overall maintenance each year - not sure I saw a number for that, but I would think 8-10% is a good start.

I am working a refi now about 4 years out and the jury is still out on the appraisal but I do not anticipate an issue now since FL appreciation has been through the roof.

I don't know if you can do that in MA but it is a good thing to include when you anticipate such issues. 

Good question - Since I have left my W-2 in anticipation of moving, and to facilitate fully immersing myself in real estate, my savings rate has essentially dropped to zero for now, so I know I need to be careful until I start generating more deals. 

Yield in an asset, including real eatate, is a function of the markets perceived view of risk in the asset and market.DC, and Arlington, are amongst the lowest risk markets in the entire country, and thus will have incredibly low yields on purchase.Part of that risk profile though is how much future appreciation and rent growth are anticipated in said markets.

When the reserves are needed, they are transferred back to the Operating Bank Account so that the expense may be paid out of the Operating Bank Account.The Reserve Bank Account includes sub accounts set up in your accounting system for the following reserves: Property tax reserve (fund this account monthly with 1/12 of the annual cost property tax expense)Insurance reserve (fund this account monthly with 1/12 of the annual cost of insurance)Replacement reserve (fund this account monthly in an amount to set aside sufficient funds to cover the rental property's anticipated [inevitable] future capital improvement expenses). 

From content that I follow, I have definitely gotten the impression that fixer-uppers are always a bigger beast you anticipate so I was wary of that idea.

Most of the later are in the lease but you will run across things that you have to tell people or reinforce because the lease doesn't specifically anticipate every situation. 

When I see month to month agreements, I can anticipate a higher risk pool of tenants and higher likelihood of turnover.