Tax - 2.6k (6%)Landlord Gas Water Heating - 1.3k (2.9%)Landlord Gas+Oil Heating - 2.8k (6.5%)Landlord Other Utilities - 5.5k (12.6%)Insurance - 1.1k (2.6%)NOI - 11.8kLending costs - 8.6kAs is, cash on cash would be 5.5%Is (eventually) getting 10% cash-on-cash realistic here?  

It's compensation and standard of work? 

What I'm wondering is, what are the standard formulas that an experience investor would use when considering a new property. 

I graduated college 4 months ago and I started health insurance sales 1 month ago.

My current mortgage balance is a little over $66,000  and my mortgage payment is $663 a month(includes taxes,insurance).

They are telling you that their fiduciary responsibility is to You, which is a higher standard than that given to just a "customer".  

The expenses of running an apartment property include vacancy loss, maintenance, repairs, management, accounting, legal, evictions, depreciation, landscaping, make ready, utilities in common areas, extermination, insurance, property taxes, building code violation fines, permits, usage fees, security, management, leasing fees, etc.  

You set the expectation with her that she would have an actual yard and you have failed to meet that standard.

A standard purchase and sale agreement will work. 

But they do help maintain the value of the area indirectly by maintaining a certain standard for the area.