Am I missing something, is there a red flag I'm not seeing?

Fayetteville held up reasonably well except for the areas that a prone to flooding like the area around some Rock Fish Creek.

I will be doing a few of them I don't want to be raising a red flag anywhere with banks.

as low as 5% down on 2-4 unit, lower mortgage insurance premium and no upfront insurance payment at closing, and it's a conventional loan so stronger offer and less red tape than the FHA. 

Probably the biggest red flag is that even with improved rents I'm only seeing a gross noi of 5.4% on asset value and after allowances, expenses, and costs to upgrade it's probably well south of that.I like your thinking. 

The vast majority of private Landlords have no clue what they're doing whereas a professional knows the law, can spot red flags, and can find you a quality renter.

Make sure they are rock solid in every way, rented, then repeat.....or steal the million and piss it away on drugs and hookers.

I would have skipped the rock wall, water feature, combo W/D and trimmed the counter on the peninsula.  

That is a red flag for me.  

Rosewood, the most desirable area near the campus, is red hot!