I am from California where 6% is a pretty standard rate.

My first thought is can you get the property rented on a more standard term (in leu of AirBnB)?  

Of course there are financing, closing costs, taxes, insurance and utilities during your hold period that reduce this to your 'net profit' something less Some would say 70% of ARV is a great deal.

This is mixed use as well as storage would be mixed use.. so check your zoning.. and insurance.. 

There were abuse by unscrupulous REI and the NCGS put in writing the minimum standard for a 'legal' CFD transaction. 

Work with quite a few "investors" with in-law suites, apts over garages or standard duplex, triplex situations.

In general states with income tax (CA) should avoid doing RE investing in states with high property tax even though I know of some San Diego RE investors that appear to have done very good investing in Texas (@Cody L.).Your cash flow on the Texas properties do not appear to have cap expense or vacancy factored in (and possibly not insurance or maintenance). 

There are still some things I am sort of "guessing", like the expenses (insurance, sewer, etc), but it's helping me learn where my gaps are in the analysis so that I know what I need to focus on.  

Have there been any insurance claims on the property?

Rental analysis: PITI=$667 Estimated rental rate=$1300moImportant note: House was not up to VA standards for a loan so instead of going the conventional route and putting 20% down.