It’s funny too because my mother is a real estate exec in Atlanta and I grew up camped out in model homes when she was as young realtor.

I would  take the opinion of family and friends with a grain of salt - unless they are well versed in your business model and cost of labor, they are giving opinions without all of the facts.

Income and cost are 2 separate valuation models (with sales comparison being the 3rd and typically primary).

Talk to the closing attorney, as they represent the mortgage company, who has a vested interest in you closing and getting possession. 

And then use the BRRR model and keep going from there.  

Here is a quote from Billy Gulley's website:"Where the clouds of the storm move in, acting as an individual in one transaction is much different from a legal standpoint than building a business model that does nothing but assign contracts.

In this model, the custodian/administrator holds the funds and you will instruct them to take action on behalf of your IRA, so they sign every document, cut every check, receive every deposit, etc. 

In the past I did most of my business through PPC leads and mailing lists, but direct mail began to give me diminishing returns so I changed my business model to a better one.

Some investors are willing to buy them on a speculative basis (buy and hold model), knowing that the property will appreciate in the long term, depending on the neighborhood.  

Before Tax Cash Flows (BTCF) divided by All Cash In (Typically Down Payment + Closing Expenses)BTCF = NOI - Debt Service, so yes you would include debt to determine cash on cash.I ran your numbers through my model, and I got a negative cash on cash and a DCR of less than 1.