At some time in the future plan on replacing the galvanized with copper or PEX piping, as galvanized is notorious for corroding/leaking/plugging up.

They notoriously don’t estimate Values well.

@Jacob JohnsonWhile commercial is a little different, I didn’t think FL set the appraised value as the recent sale value like CA is notorious for.

At the same time the market near me is notorious for high prices. 

East point is extremely close to College Park which has been notorious for crime in the past.  

Plus, San Francisco is a notoriously ridiculous tenant friendly city.

You might find that if you don't get good enough deals to begin with, the amount Fannie Mae will lend under their DF scheme won't 100% cover the amount you originally borrowed against your prior property to buy the subject property (even though their Rules let them), unless you're buying cheaper properties each time.Another thing: Your Debt-To-Income Ratio is likely to take a big hit each time, because Banks notoriously make you wait years before they'll take full account of the income derived from property purchases (and even then, only a percentage is credited). 

Tenants notoriously abuse water when they don't have to directly pay for it.

@Seth Borman while I get your point and heat pumps are more efficient you need to consider that in places like MA, RI, CO, and other cold climates they are backed up by electric resistance when temperatures drop these are notoriously wasteful heat sources. 

Other factors like the duration of the project play in heavily in this analysis and development is notoriously difficult to predict the timing of and to account for life's uncertainties.