My dad lives nearby though and is interested in real estate as well so he would be my boots on the ground.Here are their numbers:Rent: 14,250.00 monthTaxes: 15,300 yearInsurance: 6,800 yearManagement: 8%Maintenance: 13,000 yearUtilities: 3,600 year (they say tenant pays utilities so not sure what this is)Lawn: 900 yearPest Control: 600 yearLegal: 600 yearVacancy: 10%I also assumed 5% for Cap Ex… not sure if that is a good number?

I think 7 cap on proforma is way too low.

With that said, if you're buying this as an investment, it would be prudent to make sure this association doesn't have a rental cap or a provision that the buyer must occupy before renting. 

In the second year, your investment will be significantly smaller (cap ex, maintenance, management costs, utilities, etc) so your second year return will skyrocket. 

My problem is, I found a beautiful home (at least "I" think its beautiful) with some nice features that needs a little work.

Look for the map feature which breaks down individual subdivisions by things like income (not crime unfortunately). 

Also use the search feature to find previous conversations on the subject to get you kicked off.

It sounds like @Troy Gandeeis another good resource for on market deals, which are sometimes great as well, we just bought an on market 37 unit deal that is about a 12% cap rate in Charleston.  

This leads to setting a percent for repairs and cap-x.The taxes for each unit (can usually be found on the county website).Who pays what expenses/utilities.Insurance cost for each.Parking availability for each unit.

Also the list price is 289,000 if the units are rented for the $495 that I found it gives a cap rate of 12% that's pretty good for this area.