@Donald Kellogg make sure your vacancy percentage is accurate for your market, 3% is great.  

For the monthly vacancy, repair, and CapEx costs, do you do a certain percentage of the total income if you are living there (3 rents) or total income if you were not living there (4 rents).

My criteria are relatively strict for South Jersey standards and early on I saw an average of 8% vacancy each year (or about one month each year vacant) because of it. 

Now you could earn those types of returns possibly with a) development deal or b)they complex or property has massive vacancy 35% percent or more.

Authorized personnel would have access to payment processing, occupancy, vacancy, capital expenses, improvements, and other pertinent information included in a real estate transaction. 

Will you pay half of the mortgage payments during periods of vacancy?

Add on vacancy, insurance, taxes, repairs, CapEx, and your management fee...no way you're making money.If you're on title, the bank is going to want you as a guarantor on the mortgage.

Option (1) Purchase price: $148kGross rent: $1700ARV: $175k25% reserves for Vacancy, Maintenance, CapEx, PM + PITICash flow: $417/mo 11.94% CoCSeller will replace roof, retaining wall, Sewer stack, and Oven but NOT HVAC - 1st estimate came in at $13K. 

I'm assuming you factored in your P&I, Taxes, Vacancy, Maintenance, Capital Expenditures (and maybe PM, unless you're managing the units yourself).

What other OPEX is there that I may be overlooking other than the standard PITI, property management, maintenance, vacancies etc...