For example the downpayment will either be an extra 5 percentage points and/or an extra 25-75bp+ on the rate with non-recourse.

In Montana, we have to put a certain percentage down to avoid mortgage insurance.

Lower percentage but much bigger absolute dollar profit with a good return and plenty of margin.  

Do my percentages look right for concessions, property management and reserves? 

I am still saving every penny I can (around $1000 a month) and could maybe get some funding through friends and family to get me that 20% downpayment, but then again, cash is king, and FHA allows me to leverage to the max and keep my cash on cash percentage sky high.

This only works if you have separate meters for the two floors for both the gas and electricity.I think this is a better way to go (for me at least) because you have no control on how the tenants use these utilities and could be capable of leaving lights,AC,TV's Heat etc. on for unnecessary periods of time which in the end could become a large variable cost.   

Here in NJ there can be pockets that are quite high but our higher rents make the overall percentage about the same as elsewhere.   

Also, there are markets with a high percentage of Section 8 tenant which may drive rents.

Still a lot of variables out there but it seems that price is probably twice what it should be.

Do any of y'all insert a multiplyer for the different variables to put everything on a level playing field?