Welcome @Ron Manson I'm sure with your experience and know-how, BP will only be icing on the cake.

I am in the right ballpark or skating on thin ice? 

Personally speaking, I think your repairs are low, also 100 bucks is eaten up easily with a single repair... and 500 bucks could be wiped clean with a new water heater...Im in TN, my properties take brutal ICE storms and sometimes these are costly.  

My name is James and I have been reading about real estate and would like to expand my knowledge on the matter before I jump in and try to achieve my 10yr goal which is to gain a ice financial cushion , have multiple income properties, and continue to expand my other business(nothing to do with real estate ).

Then your earnest money is like icing on the cake and you have established a position of trust that will benefit not only that deal but all your future deals as well.Best of luck!

As a hockey analogy, "A good player goes where the puck is while a great player goes where the puck will be."

Finish work on these homes will include extensive crown moldings, chair rails, high end paint, granite and stainless steel appliances (including wine cooler and ice maker) are now a must.

@Bill Gulley  I am a NMLS mortgage banker in Oregon  my license is on ICE though I keep up with CE but I don't practice anymore way too much regulation and people always wanting to beat you down on points and rate..

It can be found at https://dl.dropboxusercontent.com/u/105466347/713bonniebrae.pdfPLUMBING: Replace PVC piping connections to water heater with copper (37), repair or replace damaged ice maker (45); replace damaged dishwasher hose (48), replace leaking pipes under sink (49); replace sub floor under tub and toilet with accompanying tiling to area floor and address relevant leak(54); replace flexible drainline(64); Install missing bathtub drain stopper (62); add backflow prevention to outside spigot (91)STRUCTURE: Replace hurricane straps with approved nails (71); reclean ductwork (74); extend gas fired flue (86); Remove standing water; dig vent wells and/or repair basement walling etc to stop water entering crawl space (87); insulate water pipes in crawl space (92)ROOF & GUTTERS: Replace damaged duct end-cap and cover (10); Add downspout extensions to divert rainwater away from house: Add matching gutter extensions to extend from roof into gutters; Clear moss from roof (20); Add splash blocks and diverter pipes away from structure (14); Replace rain boots and do remedial roof work(13/15); align gutters properly and renail to fascia for correct flow(16); extend downspouts into gutters (18), clean out downspouts and gutters (19); repair leak point (70)ELEC & HVAC: Install 1 carbon-monoxide detector in hallway near base of stairs (27); Install balance of internal coverplates as well as exterior outlet cover (28,29); Make good loose light fixtures (30) and attach faulty dishwasher bracket (46), replace HVAC filter (77)INTERIOR: Remove old or molded caulk and silicone to tile in bathrooms (58,59,61,63)and and kitchen back-splash (50).

Multi seems to have more cashflow, but what makes a better way to break the ice and jump into the adventure?