I am looking to use the following steps to start with and tweak them as I go.

Brad - Some very good points here, but please permit me to tweak your first statement, "The IRR is really just the cumulative cash on cash (CoC) return for the entire hold period... ."

Obviously, a buyer could tweak the numbers based on their own expectations if they like but this is the type of pro forma client's should expect to see. 

You can build and tweak things as you gain experience.

A good real estate attorney in your market will likely have one on record they can tweak for your needs. and any decent tenant you go to lease to will have their own lawyer review it and likely make changes.   

If you haven’t, read Craig Curelop and Scott Trench’s books and see if you can tweak your strategy.

Mostly its just little tweaks with the lease and I usually don't do it until turnover time.

I had a friend years ago who made a successful business buying used cars privately, then cleaning/tweaking them and reselling privately for a profit.

Especially if you're using monthly data, good assumptions about inflation, and tweaking the levers.Did you know that inflation adjusted cashflow actually goes down over time in high appreciation, high property tax areas?

So it’ll either be drive 2 hrs or pay handyman $150 to unclog simple kitchen sink, free up disposal, tweak front door lock, fix a loose tile, or any of a number of small things that can, and will, go wrong.