Hopefully, you find it helpful and qualifies us to assist you with your goals:)---------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

Again, OP, if we're operating on the assumption that everything is about rationality and logic, then there is no explanation for what we are observing.

Since pro forma's are a projection they are as good as their assumptions, as an investor, you need to agree with the underlying assumptions. 

If my assumptions are correct - documented 4point issues  (electrical, HVAC, roofing, plumbing)  will need to be remediated in order to close. 

@Kyle LipkoRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

My basic underwriting making some standard assumptions on HOA expenses, 20% down, 7% interest rate, 30 year mortgage, utilities, supplies, and maintenance costs shows a loss of about $22k per year if you are self managing.

I'm surprised at the responses here, and think there could possibly be confusion and an assumption that might be created in the responses.To provide a based answer, my question to @Zoe Brennan is, are you working on the investment opportunity with your time as well? 

.- They often get sold Class C or D properties while using Class A assumptions - then wonder why they are losing money.Here's some copy & paste info that you hopefully find helpful:-----------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

This is a classic assumption.The third option exists due to the fact that assumptions are very rare these days.

You may want to share you analysis with a few banks and/or property managers as they will typically weigh in on your assumptions if they are potentially interested in working with you.