Comps in the area are conservatively 225k.

Or are my estimates too conservative?

Leaving the same investor split of the profits in conjunction with the more conservative assumptions will naturally lead to a lower (and more believable) projection of investor return. 

Can’t really go wrong if you do it the “tried and true” way of saving money for a down payment and conservatively building your portfolio.

My suggestion is always be conservative with your numbers if you are using pro forma.

Be conservative, but don’t paralyze yourself either.

Is there a conservative percentage to account for?

I am trying to refinance both of our loans for these properties, both perform very well, and both are current LTV in 50% range (conservatively).

I've gone a while between deals because of being too conservative, and then watch competitors scoop my deals and make a good chunk of change.Hell, I lost a big deal about 4 months ago because I made a very conservative initial offer because the seller said that was the price they wanted.

Hence why conservative underwriting is so crucial.