However, when I look at the financial info she provided, none of the gross rents for the past 4 years even reach the 64.3k let alone the NOI's.  

WILL have repairs complete in less than one month, begin tenant screening)Vacancy 10% $108Projected gross annual revenue = $11,664Property taxes $446Insurance $500Management 7% =$725 annualMaintenance 10% = $1166Advertising $100Sales price = $35000 Down payment = $7000$500 earnest moneyOwner Finance 5% Simple Interest, 10 years, no penalty for early payoffMonthly payment $245Closing costs = $1500

There's only $6k gross available total, and after you pay $500 to taxes/insurance for the year, you've got $5500.

Then 10% of gross monthly rents. $200 lease renewal fee.Is 21 properties and counting enough to negotiate some of the above fees?

Here's my desktop analysis:$55k gross rent, if you pay water, sewer, that drives rule of thumb expenses to ~60%, or $33000.

Wait,  is the cash flow $1650 or gross income $1650?  

I use 10% of gross rents a month for vacancy, 10% for capex and 10% for repairs.

Seems like I am on pace to do 12 deals for 2016...which is good because my 3 yr goal is to acquire $1M in real estate by 2018.  5 yr goal is to earn $1M gross income by 2020 or 2021.  10 yr goal is to earn $1M net income by 2025 or 2026.  

If the total (gross) rent for the building is $5k per month, there's your 2%! 

If you purchase a residential income property - like a 2-4 unit - you may be able to apply a percentage of the gross rents to your income, however, some lenders like to see two years of landlord experience to do this - check with your lender.