I was wondering how common or uncommon it is to get a property at 12% return with an amortization term of 15 years?

It's not uncommon for wholesalers (including us) to buy C / D properties from OOS investors for 25% of what they paid a year or two ago.

If you're flipping it, refinish and seal, its actually not uncommon.

(Do some research on what docs you want to request, I’m suggesting for you here just a partial sample list of what I’d want.)A seller holding back P&L and inspection until an offer is accepted isn’t uncommon at all.  

its common in multi family in SFR though its not uncommon to have a home inspection once your in contract and finacing is approved. you want to limit your tenants disruptions.. because there is also going to be an appraisal if your financing.. we try to  do appraisal and inspection same day when ever possible.

It's not uncommon to see expenses near 55%-60% on a C class building. 

There are circumstances wherein you can have two FHA loans at once, and this actually looks like it checks at least a few of the boxes, but I'd run it through formal underwriting just to be sure, since the exceptions are so relatively uncommon (but not unheard of).

I recommend one further breakdown...the $1614, split (annually) between maintenance, major repair, and PM fees.Once you have isolated the PM placement fees, you/we can assess whether or not it is causing the property to be unprofitable (or if it is something else).Placement fees vary by market and by PM (uncommon in my market).I recommend working with your PM or another one on a compensation arrangement that better aligns interests than placement fees.It will be hard to make a profit with a 60+% expense ratio. 

They are not too uncommon though. 

This not an uncommon market imbalance that occurs sometimes.