My model is buy and hold and currently I am not extremely concerned with cash flow in the short term, but rather focusing on long term wealth, residual income in retirement, and setting up my heirs for the future.  

@Tom Lacey Hi Tom,  your closing costs will include these items for first year and you will be escrowed monthly for the next year and on, so you need to include on monthly expenses.  

We could potentially move to Charlotte for a couple years and house hack, while we establish ourselves and build a local team before moving on to Asheville.I would love to hear from some local investors in Charlotte on any or all of the items below:What is your opinion of the market?

This may be a simple answer and you just refi with the existing lender and have them waive the penalty or you just pay it and include that cost in your modeling assumptions.

My analysis shows that it would cash flow well and it is in a good location and fits my model/goals.

If anyone using other channels or doing this process online already in a non-competing area that is willing to discuss share their model, please reach out. 

During the feasibility period you will want to:1) Perform inspections of the property2) Get estoppel certificates from all the tenants3) Get all leases4) Get copies of all financial information, including copies of all expenses paid for at least the last year.5) Get rent roll6) Determine if a certificate of occupancy is required, and find out if the seller has one.Those are a few of the items you will want to see during the feasibility period.As far as the HVAC, if the unit was installed in the 80's, it's well past its useful life.

Get a copy of those items prior to the work starting.

I currently treat those capex figures as dollars spent and put in a separate account that is solely for the big ticket items.  

Maybe 1200/mth for a 12-month lease, 1100/mth for a 2-year, or 1250/mth and an improvement budget to upgrade/replacement a few items that are outdated.