Actually its rated by several sources as a top city to invest in real estate for several factors I'm sure you are aware of.

Many other factors come into play, such as the rent/sq ft ratio (the higher the better) and whether it's in or outside of city limits (and city taxes).

Main reason being, is that the city (The city is Baltimore and anyone who has done business with the city there knows what I mean) took forever to approve permits and tax credit (CHAP) for historic presevation. 

What's the driven factor for them to buy a lot of SFH?

But if the numbers make sense even with that factored in then it doesn't even matter.

Other factor is about possible vacancy situation due to reputation of the town. 

Here are my questions:What else do i need to factor into consideration of this deal outside of the numbers?

So my PITI on this after the first year will be around $2,000/mowater-$215/moCapex/Rep- it should be like a new house at the end, so I'm only factoring 5%/mo-$225Vacancy-$0, I've got six other properties in the neighborhood... no vacancy with college kidsMisc-$200Estimated Cashflow/mo- $186021% CoC ReturnMy question is this...... my original plan was to utilize the friendly financing terms at a 4% int rt-- better than my recent bank loans by a good margin....I was going to use the full 5 year term, and fix it up slowly over time... get the good unit rented out for max value, and get other unit updated to do the same..... then work on the big ticket items throughout the course of the term...... but then I got to thinking..... interest rates aren't getting any lower.... with the market hot... the ARV and appraisals will likely be friendlier the faster I do it.... it seems a downturn is due well within that 5 year term.

IRRRL's have a 50 basis point funding fee too, if you don't have disability, so you have to factor that in, too.  

As far as your actual mathematical calculations, yes it is all right except for:1 - your Cash-on-cash you are correct in it being 13.29% if you do not factor in closing costs however, if you factor in 3% ($4,008) closing costs your cash-on-cash is 11.56%2 - you cash flow of $296 is mathematically correct however, understand that your property management will be based off of collected rent and if you are factoring 10% vacancy the correct way would actually be to factor your PM fee after vacancy is accounted for because again most PM fees are on 'collected' rent - so if you run PM AFTER vacancy your PM fees are 1,728/yr. and in turn your cash flow is actually $312/mo. ($3,744/yr.).