Your failure-to-pay penalty would be $50, calculated as $10,000 x 0.5%/month x 1 month or part of a month.  

Why not go to your bank and look into financing, or search the forums here around FHA loans that allow you to purchase with as little as 3.5% down while living in one of the units for a year.Also, use the calculators here on the website to make sure your numbers pan out and work for you.

It may make sense to confirm it'll be within the new North Creek High School boundaries and when that opens I think you'll see rental rates continue to edge up from there.In terms of your numbers, I rarely consider appreciation as part of my calculation but that looks reasonable, however, your closing costs are low.  

I'm almost positive it's in a flood zone since it's on the beachside.I ran this through the calculator with vacancy at 7%, repairs at 10%, cap ex at 3%.  

Hiring a property manager to manage them would be a great idea, and building the PM fees into your margin calculations is important.

CapEx in my calculations was what I listed as "Maintenance 7%" the day to day things such as light bulbs etc fall under Misc 5%.  

Did you at least use a mortgage calculator to come up with your debt service number?

When I listen to the podcasts and listen to the guys talk about filling out the online calculator using $60,000 property and $1000 rent from their areas, I haven't come across that.  

I have included my rental property analysis and would appreciate feedback and advice Thank you, https://www.biggerpockets.com/calculators/shared/237431/46b0525a-8666-4ca3-9109-bd2653120df6 

Using 70% rule, but even if the ARV is higher than the Asking price, somehow my calculations are still below Asking price.