That's without figuring in tax benefits, increasing revenue per year with inflation, picking a market with more appreciation potential, making more than $1K/month profit (very doable) etc that could supercharge those numbers even more. 

@Breeya Johnson the entire market currently is in a cooling cycle with price declines and inflated expenses like property taxes and insurance.

The contractor will give you better pricing the more you use them, some GCs increase their price, but those are the ones you would like to not use (side note, of course with inflation you need to pay your people right, but it needs to be reasonable).

At 3% interest you’re bearing both inflation and appreciation from the cost side. 9.  

Adjusted for inflation, the prices of homes in a desirable location appreciate more than average wages. 

Austin is a unique beast in itself, and many property owners have an overly inflated perception of their property's value.When I flipped a property in Austin, I sourced it through a New Western agent.

@Michael BengtsonMy experience in orlando is most properties I have came across are inflated.

There are excellent deals available this time of year, but the inflated prices of small multifamily properties can make finding a good deal challenging.

I'm of the idea though that now is a great time for Americans investing internationally (because of our inflated US dollar).I know I'll be giving $10K to FIRB.  

Good contractors will inflate the bid to accommodate for all those unknowns, assuming they will be coming.