If you can cover 70% of the mortgage and it's cheaper than whatever your current rent/mortgage payment is now, then you are saving that much extra each month (make sure you factor in maintenance and vacancies into these equations too).

When I was analyzing deals in the Private Equity sector, I saw everything from 26% - 42% IRR needed depending on the size of the company managing assets, additionally how many Management/Fee company's are factored into the business model and at what point in the expense model they're collecting fees.There are payroll, Marketing, Office space, etc... now a part of your business model, acquiring an asset for cashflow becomes a small part of your equations. 

If tenants want to paint it means that want to make it a home, and that usually equates to long term tenants.

The PM is probably the most important part of the equation.

If I private lend at a 12% interest rate and 4pts up front, what do the 4pts equate to?

The proof is a very simple equation. 

Others apply a little more common sense to the equation in addition to the analytics.  

this ways, at least con #2 will be somewhat (not completely) out of the equation, and possibly even #3.

Once the judge grants my request, then I can enter and put real numbers into the equation.

While it is possible, there’s a lot not known in the equation to make a determination of whether it is a good idea or not.