Comps are in the high 160, low 170 range. 

If you did you'd probably charge a lot of money and probably give low limits so you can protect yourself.

Your total expenses (not including debt service) is coming in at 30% of GSR, that's really low, like REALLY low.

This is because traditional banks/lenders are going to go off the income you report to the IRS, which especially for small business is typically really low after expenses/write-offs (investors often run into these issues as well after investment property write-offs).

Not knowing anything about this property or area, the rehab cost seems really low for a house that cheap that is expected rent for 1600.

Well the already pissed off, very Type A personality, very well trained guy wanted to throw on the plate carrier, go lights out, and get playful in the dark.

2) 2% for repairs seem low for a 4-unit. 3) 2% for vacancy seems low as well. 4) i would go 10%-15% overall for a vacancy and repairs budget. dependent on area and tenant base.

Water bill looks very low for a 16 family and you will see higher expenses.

With an FHA loan and first time homebuyer credits, your out of pocket cost to buy will be surprisingly low.

This way you can get rid of low quality tenants quickly instead of riding out a year lease/evictions.