@Tyler Brown,It sounds like your focus is on cash flow and your pretax return, but I would encourage you to look at your total return and consider the other benefits that real estate has to offer: amortization (not applicable with no debt), tax shelter (depreciation and deductions), appreciation (around 8% based on those numbers), and cash flow.Appreciation is very healthy based on the numbers you provided.

Don't start moving the goalposts (i.e. by inflating the sell price or lowering the reno budget without data to support it; using 80% instead of 65-70% in the equation above to sacrifice your eventual return) in an effort to wedge a square peg through a round hole.Not every property you analyze works, and providing them with a "low" offer isn't taking advantage of them. 

If the Monthly rent doesn't support the PITI (principal, interest, taxes, insurance) now, I would suggest not purchasing !

Unfortunately, history just does not support that strategy.

Corbaley's back office is walled in behind a flaky support ticket system.

@Derek Harris is spot on about verifying comps, make sure the market data supports the sale price, with or without rehab.  

That’s a healthy rehab number.  

It's a less structured approach, with more uncertainty and less support.

Arlington- Condos = no way, too expensive , rents don't support in most areas, condo fees are relatively high.Silver Spring- Like I said "lifestyle value" Good luck! 

I think sharing failures, as well as success in real estate, is a healthy practice and if anyone wants to share a story of how you failed into success, let's talk!