The property is being marketed using the strategy of asking a low initial bid price expecting this will draw many bidders and result in a bidding war with the final price being far in excess of the initial “bid” floor price10.

@Drew C Grossman My initial thought is to put the automatic gate on.

Just so there is no confusion on this "The reason you can't do a 1031 exchange is because the 1031 exchange has to be officially initiated before you "sell" the first property with the gain".  

The initial numbers I ran did not take into account remedy the crawl space issues so I would need credit on it to move forward.

$260.00Management $520.00Insurance $111.00Property Taxes $354.00Mortgage Payment $1,517.96Total $4,072.96Monthly Cash Flow: $1,127.04Cash on Cash ROI: 24.18%Financial Projections:Total Initial Equity: -$ 351,000.00Gross Rent Multiplier: 6.25Income-Expense Ratio (2% Rule): 1.28%Typical Cap Rate: 8.14%Debt Coverage Ratio: 1.74ARV based on Cap Rate: $ 390,000.0050% Rule Cash Flow Estimates:Total Monthly Income: $ 5,200.00x50% for Expenses: $ 2,600.00Monthly Payment/Interest Payment: $ 1,517.96Total Monthly Cash Flow using 50% Rule: $ 1,082.04This feels like a good deal based off the number, but It also put me on top of my budget.

So we are in the process of purchasing a 5 unit multi family property.  I'm told by my realtor that we are gonna close early the first week of November. It all comes down to the title company and how busy they are.   ...

There are 7 other tenants all section 8 and all of them have been trouble for the current owner and lets just say after my initial visit I am not going to want any of these tenant living there.

If not, the initial cash flow will be the highest you will ever receive, and you will have a continuously declining standard of living.Population Size - Greater than 1 million.

I'd love to see a detailed breakdown including, but not limited to, financing/initial investment, NOI, cash flow, CoC return, etc.

@Sam Shirazi Hi, as Eric said you are having a tough initial go!