There are several critical factors and potential risks you should consider to ensure a more comprehensive approach.Regarding your math, it seems well-considered, incorporating key elements like repair costs, After Repair Value (ARV), and projected rental income.

And the entire time I'm really buckling down and saying "no" to potentially fun activities so that I can continue to dutifully save my $250k.A W-2 job will not make you rich.

If you buy in unknown locations, no matter how good the numbers look on paper, you should have a very large cash reserve to deal with all the potential problems. 

Without credit information, how can I handle potential issues like unpaid utility bills?

If the site requires a step or steps to get it entitled to accommodate the planned improvements, each of steps has the potential to increase value. 

@Jarrett FogelmanSelf-promotion is rightfully not allowed on the forum and so I don't want to write anything that potentially could be interpreted as such. 

With detailed expense tracking, managers can identify areas for potential savings, negotiate better deals with vendors, and ensure that every dollar is used effectively to maintain and enhance the value of their properties.b.

Taking the time to carefully go through the document will allow you to fully understand your obligations as a tenant and avoid any potential misunderstandings in the future.

I think it has lots of potential.  

I have come to understand these are very challenging places to find a potential Airbnb due to both local regulations and HOA/insurance guidelines.