If you are satisfied with your IRR, based on ability to sell in 10 years, depreciation, possible appreciation, possible rent increases and debt pay down plus your rental income, then you buy the property.  

I'm no expert on the area and the rent you could get but That 600/mo HOA with the risk of an increase and/or special assessment has to be a (female dog). 

Vacancy increases and rents flatten or reduce where investors fight for occupancy levels and keeping the properties afloat.

We have an uncooperative tenant in our property who is  resisting re-signing an expired lease, moving out, or paying increased rent.

Figure 15k-20K You will want your own inspection during due diligence thats another 1200 or so.Does the 25K you put in the repair costs really yield 200K in immediate value increase?

We are see steady rental increase in both the Sfh and small multi space. 

Some leases have built into them provisions whereby the landlord can increase rent in the event property taxes or other services to the property are increased. 

If you are at market you need to do a rent increase annually to keep up with the annual cost of living index/increased expenses.

Morally it just bothers me when people get paid for something they didn't do (ie. commission as a buyers agent.)

Also, you did not factor your expenses will increase at all so that’s why your COC% go so much higher in future years.