Surely having considered a flip as a possible exit strategy doesn't negate the intent to buy-and-hold. 

I usually google average mortgage APR and put that number in there any investor worth his salt will know his typical Percentage from the lender he is working with and will factor that in when he sees your report.

Depending on what percentage your commercial Lender will loan you against their new appraisal, the usual 70% means that you wouldn't get all your original $85k back  at refi.

Potential income would put me at ~$-900 negative cash flow.  

"As is" I usually think when i see this it is a seller that doesn't want to negotiate on conditions you should have considered when you make your offer.

For those that are calling me that have 100% equity, I'm offering a seller financing deal for them, which is usually 80% of market value minus a few thousand at 6% interest secured by a mortgage with a balloon at a minimum of 7 years.  

Tenants are usually poorly trained.

@Matt Lefebvre How long does a contract usually last?

These people usually own very little real estate or have something to sell you (their advice, a turnkey in Kansas City, or a "free" seminar)I own 19 units in Oakland and have bought them all in the last 2 years.

That's because you usually have to go through so many deals before you get an idea what a good deal is suppose to look like.