Understand the 50% expense rule especially as it relates to cap ex.

This will be negative cash flow if using sustained maintenance /cap ex.

Unfortunately cap ex usually catches up to them and the appraised value rarely translates to a similar sale experience and all along the property has merely been a highly levered property.

If you have any cap ex left in Palm Bay (like an HVAC major repair or roof) you will lose cash flow for years.

Ex, can't get one through Chase bank here, but went to our local Credit Union.

Maintenance/cap ex, insurance, if a rental PM, bookkeeping, misc.The fact you have a loan means 1) leverage 2) equity pay down.In addition, there are tax benefits.So I will do some rough underwriting as an OO non-rental at 95% LTV (because FHA has some undesired consequences that make the 1.5% difference in LTV worth avoiding the FHA).equity paydown: 20% (using OP interest rate at 95% LTV and not counting closing costs). 

Mechanicals, roofs etc. can be towards the end of their useful life and pass inspection but then the cap ex can't be absorbed in many of these C/D neighborhoods.

With value-add, I know I'm getting at least some of my capital out when I'm done and I'll end up with a house that should not need any significant cap-ex for quite a while.I'd do turnkey too if the numbers looked good enough but the reality is in the market where I have boots on the ground you're talking about close to 60k between down payment and closing costs for maybe $200/month in cash flow.

Then there can be cap ex allocation for a certain hold period.  

This includes cap ex, repairs (will a renter leave the property in the same condition you hand it off in?