Before taking the plunge, I recommend investing time in educating yourself and connecting with local investors.

Quote from @Chris Samson: Go to BUILD YOUR TEAM at the top of your screen and you can search for other MEMBERS or LOCAL MEETUPS.

I live 3-4 hours away, so I'm putting together some local resources.

(Especially when you live at your investment, it can be time and attention consuming, but it's an incredible way to learn the ins and outs of real estate investment.)3) Attending local meet-ups is a great way to make connections and learn.

Shoot me a DM if you want to network and please invite me to any local events!

Are you looking for a property manager or just someone who has some local knowledge about the area? 

@Jake Fleming I would start with your local REIA and network there with investors face to face, build relationships and go from there.

You can find and connect with these individuals at local meet-ups, BiggerPockets, Facebook groups, and from other investors. 

I'm hoping I didnt make a mistake with these numbers but assuming proper assessment of the local market, jobs/population growth, property condition, rental demand, future appreciation etc., is this something that sounds within acceptable ranges or am I missing a piece of the puzzle here? 

I was able to get into this by networking with some very smart and talented people in the local market and banking.