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.

Some may feel my numbers are highly conservative, but I'd rather not be cash flow negative at the end of the day.When does the lease for the current tenants end?

@Chris Tracy @Joe Belman what expenses are usually too high?

I usually look at what other house in the area have and how much they are worth. 

We can usually financially break even if they leave it in good shape and we hustle to find a new tenant.

Though some are adding a rental registry with a fee, usually justified as an inspection cost. 

I usually take a more detailed approach to develop the high level estimate.  

These properties usually will not be sold for any type of real discount it seems.

There are various reasons the project may not qualify for financing:  owner occupancy percentage, one individual owns more than 10% of the units, the community is involved in some sort of litigation (usually construction defect), or the HOA finances are bad (underfunded reserves).  

Then if you end up negative you can potentially use this towards the $25,000 write off.I am giving you general advice as I don't know your tax situation.