If we subtract expenses from our Gross Income we get our NOI (Income-expenses=NOI). 

I typically subtract 3%, of the ARV.Realtor Fees: What is the commission you are willing to pay your listing agent (unless you are the listing agent) and the buyer's agent.

Not to mention reserves for roofs, paving, etc.I tend to see a lot of T12s that show Opex as 50-60% of Gross rents then they show NOI of 50-40% and THEN they show 20% spent on CAPEX some of which looks ongoing to me.So my question is this, for folks that evaluate a lot of T12s, do you subtract a portion of Capex as reserves from the NOI before applying cap rate?

Would you add/subtract anything from this list?

When looking at comps how do you know how much to add or subtract for certain attributes, for example if the subject property has a sloped driveway or unleveled yard but the comp properties do not, or corner lot vs non corner lot, subject across from multi-family comps not and so on.  

Correct, I just chose the Total Closing Cost and the subtracted some items that I knew were too high (i.e. home owners insurance misquoted)Please update your "est closing cost" to ONLY include Section A and the appraisal fee from page 2 of your LE.For P#2 & P#3, I was told that going to 4.875 I could subtract ~$1400 origination fee, and if I went to 5.125% I would get a 700 creditI guess I didn't fully understand all the different sections.  

Take that number and subtract your holding costs (mortage principal & interest, closing costs, PMI, etc), and you can then figure out if it's a good flip or hold candidate or if you should walk away entirely.Aside from that, if you really hate numbers, you should either just work for/with someone else fixing up houses that is good with numbers, or should invest through some kind of partnership - real estate trust, RE type mutual funds, etc - because flipping or buy & hold is almost nothing but numbers.

This allows you to subtract the first loan from the total entitlement leaving you with an amount that can be used for another purchase. 

I like the solution above if you really have to have it - let the seller carry the note and the risks while it is being sorted, and subtract the costs of cleaning up the title from the sale price.

So your 3.5% is very generous.Overall - count your gross rents, including laundry income and late fees, then immediately subtract vacancy and collection loss (% of slow/no paying tenants- I use 2%) to get to your effective gross.