After that I will use a proforma to calculate cap rate.  20% cap is unrealistic.

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Tenants use about 30% more water and do not generally report leaks.Take 60% of gross rents for a D area with higher evictions and make readies and collection efforts with increased bookkeeping.75,600 X .40 ( 60% costs) = 29,240 NOI29,240 at a 10 cap is a value at 292,400 ( This is optimistic as D areas trade for 12 caps usually).175,000 purchase plus  estimate likely 13k to 14k a unit rehab so about 196,000.

It's cool that you can see what they are and how many times they are given out...but it would also be cool if it could include a progress tracker so that you can see where you are in your progress towards achieving each award.Not sure how difficult this would be, but I think it would be a fun feature to add. 

Like I said , always figure in Cap Ex for this one reason!

I use cozy.co and they have a online application feature (free) along with background and credit check for $35. 

I have run the numbers via Rental Property Calculator on BP and here they are:Purchase Price: $460,000.00Monthly Income:$4,200.00Monthly Expenses:$3,593.20Monthly Cashflow:$606.80Pro Forma Cap Rate:5.93%NOI:$27,952.00Total Cash Needed:$126,000.00Cash on Cash ROI:5.78%Purchase Cap Rate:6.08%Total Monthly operating expenses:Vacancy:$294.00Repairs:$210.00Water:$100.00Sewage:$100.00Insurance:$150.00P&I:$1,722.53Property Taxes:$916.67Misc:$100.00Please let me know if I am crazy to do this deal. 

In fact one of the nice features of that program is that it's non-recourse, so the lender has little interest in your personal circumstances.I do hear you about wanting to exit in 3-5 years though - that might indicate regular commercial bank financing is better.Why do you feel other people have passed this opportunity over?

This is one of my favorite features of Bigger Pockets especially for asking specific questions.

As agents, we have really good tools, though.As a rule of thumb, (assuming you are looking at SFR properties) set the criteria as close as possible to the comp properties features, stay within a mile radius, and go back six months.