Therefore, we took a step back and re-assessed our approach. 

@Mike Stephens I too own in Jefferson Park but don't agree with your assessment of the market.

Couple years ago I met a PM and gave him half a dozen calendars of scantily clad women with my advertising on it. 

I will keep looking, and would like to attend events in the area to help me make sure I'm assessing deals properly and help me find good leads. 

If rent is unpaid as of end-of-business (17:00) on the fourth day of the month, a late fee of $XX.00 will be assessed.   

Tax assessed value isn't incredibly meaningful here.

You'll use the seller's trailing expenses as a guide but some of their expenses won't matter.Property Taxes:  Use your own estimate of taxes based on the county's procedure for assessing value, reassessing upon sale, and the tax collector's tax rate. 

Long term goal would be to own half a dozen houses all in this neighborhood, mostly to build equity via mortgage paydowns, rather than excessive cashflow.Any objective thoughts would be welcomed.

On the 5th day at 5:00pm a $50 late fee is assessed and there’s a $50 late fee for all returned checks.

If all owed amounts are not paid in full by the 5th day of the month, a late fee of $XXX or XX% will be assessed.