I would definitely factor in some substantial capex/ maintenance and repair costs which could lower your returns.  

EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!

But weigh the costs of insurance and taxes against the cash flow and make your decision accordingly.

You will learn the cost of maintenance/cap ex and how tenant quality plays a big role.  

I'll throw in my 2 cents on common differences I've seen in my career:CDFIs - Because of their subsidized financing structure, they have the ability to be a low cost lender (and sometimes provide grants).

Costs will seem high relative to the loan amount on these smaller loans, $5-6k in lender fees isn't uncommon. 

The terms and costs will depend on the property, your personal situation, the location, etc.

The proforma's would have been accurate but, what they didn't allow for, is the turnover cost between renters that left excessive damage.

I would be looking to use hard money to cover the costs of renovations.

If you discovered the issue before paying for the appraisal that could hopefully save some costs (in case the appraiser is with the wrong AMC).Pre-vetting with the lender on rental history/AIRbnb/1007 as well as seasoning could help.