BP has some awesome calculators and resources that’ll help you get a feel for evaluating properties.

Get a second and third evaluation from different companies.

I've evaluated properties with similar returns to yours. 

@Jeffrey Gant Your cash-on-cash return (CoC) is a key metric for evaluating this deal.

You need to meet one of them to be considered materially participating.Spend more than 500 hours on your rental businessDo substantially everything for the rental businessSpend more than 100 hours on the activity and no one other individual spends more time than you doSignificant participation activity for more than 100 hours, and your combined activity in all significant participation activities exceeds 500 hoursParticipating in the business for five of the 10 previous taxable yearsPersonal service activity (non income-producing) for three of the previous taxable yearsRegular, continuous, provable participation in the business for more than 100 hoursThe first three are the ones the majority of real estate investors will evaluate and attempt to qualify for.

Since the AVAF1 fund stopped distributions, I got much better at evaluating the numbers.

All rules of thumb are high level down and dirty approximations to be used for quick evaluation of potential deals.

Not sure if they have upgraded to desktop appraisals but if they are still doing in person appraisals , make sure you get everything (scope of work, good faith deposit, social, LLC docs, insurance, proof of prior experience, financial statements) in ASAP.

I have read a bunch of books (many by BP) but if you have an resources I should evaluate, please let me know. 

In collecting and evaluating data.