To clarify - the HOA has confirmed that NO amounts are outstanding - I have an official document from their resale department on this and reconfirmation from property manager.

@Mike McCracken Your experience confirms what I have seen.

Furniture that looks good and good decor is key to get reservations. 

It may make sense to confirm it'll be within the new North Creek High School boundaries and when that opens I think you'll see rental rates continue to edge up from there.In terms of your numbers, I rarely consider appreciation as part of my calculation but that looks reasonable, however, your closing costs are low.  

Obviously you want to be able to have cash reserves in case something goes wrong and that's always easier without making payments to other creditors.

First lender is known to me and I can take over if needed.3. for now only deals I can drive to incase I have to take over .I don't know your capacity but on the face of your post it looks like to me you have tied up property you know you can't hard money loan but need the down payment and interest reserves or payments and you will use non of your own money.

Confirm from the beginning they have the capabilities to make it happen...

@Brandon Battle Thank you, that was what I thought just wanted to confirm.

This is especially important so that we could suggest additional expenses that you may have overlooked or maybe even say for this type of property you do not need to include this or that.Your analysis should look similar to thisGross Income    25500 (2125*12)Operating Expenses  (you still need this number)Net Operating Income (NOI)  you get this number by subtracting Operating Expenses from Gross                                                           Income.To get your operating expense number add up the following  TaxesElectricWater & SewerTrash PickupLawn care and/or snow removal Gas / oil / propaneVacancy (use 5-7% of gross income)Maintenance (10% of gross income)InsuranceHome owners Association Fee (HOA) You may or may not have this oneI like to include a 5% misc expense ( i use this as a reserve)You may be paying all of these or just some.

For buy and hold properties, this means including debt service, taxes, insurance, management, and reserves for vacancy/maintenance/repairs.