I was fine with all these numbers.Then I met with contractors...First, I wanted to add a new bathroom and approximately 450 sq ft of additional living space.

At the end of the day; you need more money to do something like this.MAX LTV on new builds is 80% LTC, Meaning if the build is $550,000 and Land is XAdd ($550,000 + x ) * .8 = LOAN AMOUNTYou would need to come in with MINIMUM 20% of the cost in addition to closing costs and reserves, $80,000 is not going to cut it for this project.

In addition, the debt of each state is crippling.

Here are additional comments:1) Buying out of state removes any local knowledge you have from assisting in your success, including knowing areas, people and costs. - We always recommend buying your first rental locally if possible and DIY managing to learn as much as possible before investing OOS.2) Lots of crooks and incompetents in the PMC world:( They both cost you money.- As already stated, you'll have a small portfolio.

Additionally, we have developed templates for tracking key metrics that we require our PMs to fill out weekly. 

Feedback has not suggested property needs additional repairs/work, only that they are looking in a different area.

Then we review the submitted file items and come back with questions or ask for additional documents it is a normal process.

Does anyone know of a calculator where I can plug in the additional yearly pay down along with the appreciation rate of my area? 

In addition, you want a separate bank account for the rental property to separate it from your personal accounts.

My last note would be to try to buy 3 or less replacement properties, it makes the exchange much easier and you avoid some additional rules.