The property that I have assembled is approximately 700 acres surrounded by homes ranging from $400k to over $2 million.

Either way, no pumpkins will be harmed in the process.We don't have specific IRR targets outlined at this time but it's safe to say 10%+ would be sufficient. 

I know it will not be the 2-3% because it is not owner occupied, but does that range sound accurate? 

I am being told the appraisal is in the low $5m range.

New to RE investing and being a landlord – we're doing a cross-country move, and considering keeping and renting our current home instead of selling, but I think the numbers don't bear out, and wanted to get some advice:- Charlotte NC, Purchased for $420k, Current value ~$600k- ~$260k left on a 20-year 2.5% fixed mortgage, $1850 monthly payment including all escrows- Rent would be $2500-$2700 range currently- Would definitely need a property mgmt company as we'd be 3 timezones away!

For 30 year fixed based on property cash-flow, max of 70 LTV, rates in the 5.25% - 6.25% range for most -- again depends on the scenario a bit, it could be higher/lower. 

Other homes would be expected to be in the $70,000 - $100,000 range for these same components with the balance of the mortgage held by a bank.Below are actual revenue, expense, and NOI numbers for this home which we would use as a model for further acquisitions.Property Management is high, it costs a bit to manage the placement of multiple tenants, handling of disputes, and collection of rents as well as mange the cleaners, landscapers, and handymen.The 2.5% for maintenance, and 5% for capital expenses would be variable but should not be much higher than 5%.

Specifically, I want to house hack a duplex in the central Phoenix or Tempe areas in the < 500k price range. 

(Holding costs and selling costs would come out of the net profit)Price ranges would be around 200-300k is pretty average for my market.

Obviously keep your attorney in the loop as well, and a simple letter with letterhead is sufficient enough to prod a tenant into action.