Too much that can break.

That's the amount of depreciation deduction you take every year.Unless you really have a superdupey perfoming rental, you should normally, at best, be in the break even ball park. 

I'm putting 10% because 3% or 5% is attractive enough in this current market as well as not enough for the house to break even.

One day its the fridge, next AC, next bathroom fixtures, unless they are paying top dollars and you can afford to upgrade their life, its better not to fix it unless it is a safety issue or broken (and sometimes tenets purposely break it because they want a new one). 

I don't even see how you can break even here.

You now have what is essentially your break even price where if you bought at this amount you'd at least have no money left in the deal (refi) or have broken even (sale).

You can buy a place for $60,000 and feel you are ready to roll and some crack head breaks in and steals cooper that can net them $20 but costs 3 thousand dollars in damage.

I would confirm the purchase price and ARV by doing your own due diligence, and again this can make or break a deal.

That's called dual tracking and is prohibited by federal law so, you are either wrong about it being in forbearance, or, wrong about the pending foreclosure, or both or, someone is breaking federal law (Less likely but still possible).Why estimate the equity?

I highly recommend breaking down your questions into categories and doing your own research first before paying someone to tell you information you can independently get a foundation for, otherwise mentoring is also an option.With my first property I did house hacking with a duplex.