You may find that the estimates for one property are a bit on the optimistic side, and that the cash flow isn't so rosy after you put in more conservative estimates.

And, just for fun, I also included potential gains in the stock market (opportunity cost if he invests in stock market v. rental property) for the 5 year period at an industry standard 7% gains and also an optimistic 10% gains in investments.

Also, it seems to me that those closing costs may be a little optimistic.

I am definitely optimistic about the future.

But placing 1% as the vacancy rate for the next five years seems overly optimistic.

. $500/ month this can't be the best of areas and only $8,000 for repairs on two 4 plexes seems a bit optimistic. 

My calculations were probably overly optimistic.

Personally, I am very optimistic about what is happening.

Is this a fair assumption or am I being to optimistic?

That could just be my young and optimistic view of the world though, haha!