Artificially low interest rates and lower prices incentivized investment through healthy appreciation.

The barrier to entry there is way lower than Fort Lauderdale / Miami and deals seem to be more abundant from the research I have done.  

It seems unlikely I'd find a deal on a property that's significantly lower than the market average.

If you wait a year you’ll be in the lower capital gains tax bracket.

Ya actually that is one of the lower ones around here ive seen too.

Your capex/vac/repairs is pretty high, so if you lower that to 15-20%, that should provide that minimal cash flow, unless the place does require quite a bit of capex/repairs after your reno.

I dont care if i can get cash out just want to refi the property in time of the note expiring and lowering the interest rate and amort it over 20-30 years.

Many areas have home stead exemptions that can significantly lower the rate. so what current owner is paying may not be what you will be paying.Also what is the valuation the taxes were figured against compared to new sales price. those taxes could raise significantlyYour insure estimate would be extremely low compared to my area in Georgia.

We were able to get a 80% of rehab value on a 20 yr term at 6%.We decided to wait and do a traditional mortgage since it would return more of our cash and get us a better rate as well as a lower monthly payment.

So you can change the down easily enough if you find they actually put more down.This doesn't tell the whole story but it generally answers your question.What is left out is that when going to selling, the owner ends up spending about 8% of the value of a home on real estate agent fees, & other closing costs.So, selling a home at $120,000 costs the seller about 8% or $9,600Keep in mind that 3 different appraisers will give 3 different values and they could be 15% higher or lower than the other guy.