I'd like to buy the asset at a price that conforms to how I expect it to perform, at a minimum. 

In that case (or case of significant rate increase), can I expect any of my other existing carriers to do the same?

If my offer is accepted, I expect they will want proof of funds within a couple of days. 

Expect to pay for the cost of developing a detailed SOW.

You should have a PM agreement with them that spells out when you should expect payments and reporting.

I particularly like 40216, 40258, 40272, 40229, 40291 and 40299 (tougher to find).  40214, 40218 and 40219 also work, but you need to be selective.The areas up and down Dixie Highway as well as 40214, 40218 and will produce a little better cashflow while Okolona, Fern Creek and J-Town will have slightly better appreciation.Reasonable numbers for leveraged & managed properties would be $200-350 per month in cash flow and  2-4% expected appreciation (long-term).

You cannot buy a property and leave it vacant most of the year without it being a drain on your income and exposing yourself to some serious dangers.You cannot just leave the property vacant and not expect bad things to happen. 

What real return (including all recurring costs and not including unrealized gain like principal pay down, etc.) can you expect with 25% down, 30 year fixed?

Expect to spend dozens of hours on it. 

The expected move in date is supposed to be between June 1 and July 1; both of which work for us.I checked with the HOA and even they thought it was a little weird to get the rent and deposit before having the official move in date.