@Charles Worth It was realizing exactly that level of complexity for achieving diversification that led me to conclude that (a.)

It really comes down to your own tolerance level and how consistent you are.  

I want to build a level 7 real estate team in less than five years.

Some parts of town you can pay mare than that level it , and build new to make more.  

Good records has an objective to clarify and avoid confrontation, not compound and invite it Actually its before all levels of the IRS which can only be done by an Enrolled Agent, CPA or attorney.Tax Court is a separate entity that only an attorney and or someone who has passed a very difficult (less than 10% pass rate) exam.

I used a different calculator and it gave me a lower figure, but have no idea why. 

I also look at a worst case scenario IRR of 10% (flat prices, high maintenance, slightly lower rent) .Secondly I think 10% for maintenance costs is reasonable excluding planned upgrades (roof, heater etc.).

Either their standards are much lower than mine or we are driving in 2 completely different types of areas.Usually, when I am out looking, I'll find two addresses in an hour that fit the bill of a distressed home and, if I'm lucky, one of them will pass the eyeball test when I am putting them through the appraiser's website.What am I doing wrong?      

But I do lower income rentals, so YMMV.

This makes some sense, of course, because you don't want to assume a lower or higher cost of repair than what will be necessary.