And it could take even longer than 6-12 months to find a replacement depending on the area.The other things to look at carefully are major Capex or maintenance expenses - you didn't mention whether this was a NNN lease.

We have previously tracked all expenses manually in google sheets and produced financials statements manually, also in google sheets.  

Take the average household income in an area of working class residents. 

These loans usually only have lengths on average from 6-12 months.

Also why are you deducting 50% for expenses? 

Even with a shared bathroom and living room, your place is likely much nicer than the average extend-stay motel, so if your rents are competitive, then you can likely serve this avatar.You may find that a 5/2 is an acceptable temporary housing solution for a family displaced after an insurable loss (fire, flood, etc.).

Don't let them choose for you.Just inspect what you expect....Also I would talk to housing office in Memphis to get a feel of how many people are on the Section 8 waitlist, what kind of rents they pay, what zip codes are they targeting, see if they have any stats about how long tenants stay and average rent.While a lot of people try to look at google street view to get an idea of the neighborhood, there is no substitute for visiting in person.

If you are setting aside funds for capex, taxes, insurance, or other expenses that don't occur monthly, transfer those funds to Savings each month and hold them there until it's time to spend them.

Real estate investing is forgiving; the average person can still make money even with some big mistakes. 

It shows me the average price of booked vs unbooked properties from my completion that I can choose.