As of right now, the numbers look great but since I am so new to this, I wanted to see if there were any factors I might come across in the future that may not be on internet or Reddit.

Some other factors to consider - How long are you planning to hold this property?

There are a few factors that can make a project get the title “hardest project”.  

Higher end home buyers are usually more rate and market sensitive.I see you're down in Texas, so if that is your market, weather plays less of a factor consideration as it does for us up north (no one likes to move in the winter unless they have to and things slow down considerably).  

The most important factor in your success is likely not macroeconomic trends, although of course those are important.

Therefore, all the items you outlined in your question are things I would include, along with any other factors you consider important.Keep in mind that LOIs are non-binding.

Armando - A few questions I would ask are:- I've seen banks typically use 5% for vacancy factor- Are you self-managing?

This changes with a few factors but it works to prevent issues in buying the wrong property.

The key factor is the follow-up capabilities, so pick one that excels in that area.

I've factored it in the numbers and they work(barely) but would be a lot better if the tenant pays.