I'd revisit that assumption if you have not priced out PM in your market.Maintenance and reserves - These are highly debated items on BP, especially reserves; so, I am not going to go deep here but I would suggest that $720/unit combined for maintenance and cap ex is too low.  

He or she should be helping you with those items.

. @10%:           -$135Capex @10%:          -$135Prop Mgt@10%:      -$135Insurance:                -$37Taxes:                      -$190--------------------------------------------------------Total for P&I:            $ 410Use website http://1728.org/calcloan.htm and solve for AmountInputs:Years: 30Rate: 4.25%Payment: $410----------------------------------------Offer Amount: $83,343.52 (subtract any rehab/closing costs from this number if necessary)The one item this model doesn't take into account is the neighborhood.

If the big ticket items need replacing in the next few years, you may need to negotiate the price.  

We have done a rough price estimate of the appliances, fixtures, AC, etc and we are looking at $6k for these items. 

@Eric Metz The problem is that one of the usual metrics to do a quick screen, the 50% rule, doesn't work on low rent properties. 50% of a low rent amount won't allow you to cover the big ticket items.

Items on my "to learn" list:-Historic areas-Flood zones-Gentrifyin neighorhoods-Going rent rates-average ARV's for areasWhat else should I focus on researching so I can better understand this market?

Ask for a credit for some of these items.  

., getting tenants to follow rules, fixing broken items, painting, keeping up the lawn, etc). 

I bleached the walls and cleared most the items out but there is still a strong musty odor.