After evaluating the area and the property I believe the ARV to be in the $175k-$210k range.

I am trying to evaluate 38 separate homes, is there a tool, spreadsheet or software that I can use to input all my data to come up with ROI or do I need to write my own?

Also it’s important to evaluate the general health of the homeowners association to ensure they have proper reserves for capital expenditures etc and you won’t be hit with special assessments. 

Properties in good neighborhoods and/or ones that check almost all the boxes for you are the rare part of this equation and each needs to be evaluated as such in my opinion.2.

You need team in place first, then you will know what the real opportunities (properties) are, and you can evaluate before you buy. 

This is a question easily answered by a local lending attorney, as are topics like usury, paperwork, and the lending process in your state.Less easy is developing processes to find safe borrowers, understanding how to evaluate a property and the associated numbers, and creating lending criteria that keeps you safe while providing a competitive advantage.

Advice for evaluating the deal once I find out more information?

I'm very new to REI and I'm having trouble understanding how to think about the numbers and evaluate a property.

It works well for the initial 'back of a napkin' phase of evaluation though it doesn't give you a clear picture of what the house is actually going to cost you long term.Does that clear things up as to my perspective on CapEx?