I use AirDNA as a starting point then check that number against what units are doing on the booking sites (Airbnb/VRBO). 

(About 8%)I’ve probably started 3-4 evictions,every tenant moved out before we got to court. 

I’ve learned to start the permitting process early and keep a close eye on inspection timelines to avoid bottlenecks.It can be difficult to find contractors who are not only skilled but also reliable and available when you need them.

Proper due diligence will reduce your risk, but it won’t eliminate it entirely.Personally, I like value-add opportunities because they build in equity from the start.

Seems like you are off to a great start.

Love the growth the area has seen and from my initial research it looks like numbers are strong. 

An approach you might want to take, is to break down each component of the rehab into its own price per sqft/linear foot/units for both materials and for labor.for example you might find that flooring costs and average of $3.50/sqft labor to install + $3.00/sqft for materials X square feet = cost to refloor+ always add an extra 10% for unforseensSo you would just need to do this for every part of the rehab based on what needs to be done and what level of finish you are going for.keep in mind that some things are measured by sqft, like floor, and others are measured by linear foot, like trim, and some are measured by total area, like drywall and paint, and yet others are measured per each like tubs and toilets.A good place to start with figuring costs is The Book On Estimating Rehab Costs by J.

Honestly, two things I'd start with are1. skip the banks - Get creative with sellers. 

A strong location with solid tenant mix, with strong market dynamics will trump a higher cap rate opportunity in a secondary market over the long-run 100% of the time.

However, keep in mind that this arrangement may require more involvement from you, especially when it comes to marketing and selling the property.If you're exploring specific markets, I’d recommend looking into areas with strong demand for new homes.