We are anticipating listing these units in the $1200-1300/month range.

Do you anticipate any additional closing costs?

The lender I am working with can only lend 70% LTV, the appraisal just came back 10k less than our anticipated value.

Ongoing, I don’t anticipate this property being a high positive cash flowing property, I purchased on speculation of future developments.

Every single house on the block had a wildly different anticipated growth rate even though all of the homes were essentially identical. 

Although the anticipated cashflow seems tempting, and without having all the details, I have to lean towards Joe's opinion here as well for a few reasons: 1) You should be factoring in property management fees. 

That will usually prompt them to order a drive by appraisal, assess the value of the property, calculate an anticipated recovery (Assuming there is equity) by going to default and then, sending the owner's loan straight to foreclosure.I agree with Lynette, go get a loan and pay off the two notes if the value is there. 

As for where they would move to, I would anticipate that they would move to an area that would allow more financial flexibility where cost of living is lower. 

Based on the average  comp we are anticipating a revenue of $2108/month. 

I am anticipating about $1,400 cash flow after expenses.