Calumet City and North Chicago are probably high on my list for annoyance factors.

You diligence needs to be trying to pull out if your operator has some competitive advantage that will let them eke out marginally more returns for you, to more than offset the additional fees you are incurring.Of course, with a 1031, the analysis is slightly harder, because you have to factor in the tax savings you are getting through your 1031, relative to taking sale proceeds as taxable and investing in a group that may have lower fees.

I just use the comps but market activity also plays a factor.

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.

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

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

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?