My margins are smaller so I can't have a big gotcha eating up all my profit.4) Mold.

Momentum has shifted, and there is a large black hole eating away at some of the phantom equity.

It has a full size, eat in kitchen, and it was staged with 2 living room areas.

If you end up having a broken pipe, need a roof, have electrical issues, etc. it could easily eat up 2 to 3 years of expected income, so I'd definitely do my best to maintain some liquidity for a rainy day.Best wishes!

Now you're stuck in a 12% interest loan that will eat you alive.

Sales prices are at a peak, mortgage rates are double what they were a year ago, many first-time investors cashed out equity in a peak market to pay cash and eat up inventory, and cities/counties are increasing regulation.Keep looking, but be conservative with your numbers so you don't get caught up in the emotions of the market.

There will be vacancy and maintenance expenses that will eat into your monthly cash-flow. 

Moreover, HOA dues eat into cash flow and the board could vote against rentals in the community.

If the latter, it will be difficult for you to sell at the same price and you may have to eat the loss if you decide to sell. 

With rates rising yet again, (not just mortgage rates, but rates that will effect buyers DTI, like car loans etc), This is eating into what buyers can afford. 3 months ago they may have been able to afford $400,000, now with the rates jumping and their DTI dropping, they may have to shop in the $325-350 range or worse.