List price: $350,0004 units: 3 x 2 bd/1.5ba 1 X 2bd/2baI figured $1100/mo for rent for the 3 1.5 baths and $1150 for the 2 bathTotal Income: $4450I used Zillow and my assessor's website for tax info (although I have no idea what FCV and LPV are)Tax: $95Vacancy: $230 (5%)Repairs: $230 (5%)CAPEX: $230 (5%)Property management: $450 (10%)Mortgage: $1922 (using an FHA loan at 3.5%)PMI: $280Insurance: $70 (based on zillows numbers)Total Expenses $3507Cashflow: $4450- $3507 = $943Down payment: $14000Closing costs: $4000 (I definitely need help with this number)Rehab: $10,000 (pulled this out of my butt, only 1 picture of the outside)Total cash in: $28,000Cashflow for the year= $11316COC ROI= 40.4%I'd just like a little help to figure out if I'm even in the ballpark or if I really need to make some big adjustments to my numbers.

Most home equity loans are adjustable rate, so that is a risk. 

Work with your insurance company and adjusters.

Change jobs and adjust to a more frugal lifestyle.Keep in mind that a paycheck to paycheck life style is by choice not circumstance.

You need to get a Public Adjuster to represent you, advocating on your behalf. 

For that reason, the appraiser should report the basement or other partially below-grade areas separately and make appropriate adjustments for them on the Basement & Finished Rooms Below-Grade line in the Sales Comparison Approach adjustment grid.For consistency in the sales comparison analysis, the appraiser should compare above-grade areas to above-grade areas and below-grade areas to below-grade areas.

The 5 was a rate adjust and call, but they never did. 

As you gain more validated information, like during due diligence or formal property inspections, you can adjust your numbers accordingly. 

Is this an adjustable rate mortgage? 

I am not a tax professional but I believe the tax basis automatically gets adjusted upon a transfer due to death when the property is transferred from a parent to a child.