Consider:  who collects on insurance if the place burns down 95% through your rehab? 

and exactly how much is needed - even if 100% construction financing, there will be interest & closing costs, insurance, plus often fronting the construction costs before the draws are disbursed, drawings/plans/permits that may not be covered by lender's loan...  3) Agree who will pay for any budget overages.

Moderate to Low Risk Areas: Zones B, C, and X -- Lower-cost flood insurance available to all property owners andrenters.

Monthly Income: 1100Expenses:•-Repairs/ Maintenance – 50•-Real Estate Taxes – 112.50 (1.2%)•-Insurance – 30•-Vacancy Costs – 83•-Capital Expenditures – 100•-Total Monthly Expenses: 375.83 Downpayment: 18000Loan Amount: 72000 (with 20,000 rehab money)•-30 Years @ 5% interest Closing Costs: 4000Total Initial Investment: 22000Monthly Mortgage: 386.51Cap Rate: 9.54%Monthly Cash Flow: 329.32ROI: 17.96%After evaluating this, if this property was in a better neighborhood with less crime, would I be naive to pursue this property?

Roof and foundation no visible issues.Both sides are rented and families want to stay and seem stable(2 years plus).

Property taxes, insurance, utilities, HOA fees and loan/financing costs are some of the ones I've recently learned about.

Also, I'm assuming you have a safe, stable job and diligently save money.

Our house is in Spring, Tx and with the growth that's been going on in Houston, I really think the long term housing market is pretty solid.Monthly Expenses:Mortgage Payment - $1,042.85 (Includes P&I, Insurance, and Taxes)HOA Dues - $45Repairs/Maintenance - $257 (Roof, HVAC, and Water Heater are from 2016 - plumbing is all galvanized)Property Management -  $160Total Expenses - $1,504.85Estimated Rent - $1,600It's a pretty thin estimated monthly margin of $95.

If they pass that portion, then you can confront them about the extra dogs and ask for more rent for the additional dogs and a higher security deposit because more pets = more property damage.If you do rent to them, an important note is that many insurance companies don't cover pets like pitbulls when it comes to lawsuits so make sure you are aware of the specific laws in your city/state when it comes to high risk pets. 

The experienced landlords in the Greenville-Spartanburg, SC area tell me that there was a time when two months’ rent could pay property taxes and insurance for a SFH.