It looks like you are calculating based on cash on cash, but I'd think you'd want to include some financing/debt service etc stuff in there too.There's nothing wrong with buying something for cheap. 

@Priyanka K.When investigating new markets I look for things like population growth (upward over the last 10 years)Job growth 1% or greaterUnemployment =< national averageper cap income 20KHousehold income 3 times annual rentnumber of households (in comparison to other markets) Favorable government policies (is the local government looking to attract business) those numbers will give me a sense of the macro market.

Our current payment is around $1350 including Taxes, PMI, ETC.

Appliances included are a refrigerator, electric stove, above stove microwave, garbage disposal and dish washer.

A QOZ Fund simply needs to fill out paperwork and include it with their annual federal tax filing. 

Currently renting both units with a CoCROI of 13.2% [taking all expenses including vacancy, CapEx, and property management (even though I'm currently managing it) into account].Currently living an extremely frugal lifestyle which is what enabled me to purchase this initial property.

CapEx is included, but is considerably lower because it's a very new, excellent condition property (I considered things such as paint, appliances, flooring that would be needed while we still own the property).Purchase Price $350,000Purchase Closing Costs $1,300Total Project Cost $351,300ARV $350,000Down Payment $12,250Loan Amount $337,750Amortized for 30 yearsLoan Interest Rate 4.6%Monthly P&I $1,731.46Total Cash Needed $13,550.002% Rule 0.85%Initial Equity $12,250Monthly Income ($1500 per unit) $3,000 Monthly Expenses (Including CapEx) $2,607 Monthly Cashflow $392 Pro Forma Cap 7.28% Total Cash Needed $13,550.00Cash on Cash ROI 34.73% Purchase Cap Rate 7.28%Est Vacancy $150PMI $200Est CapEx $63Insurance $80P&I $1,731.46My only major concern is that I'm not meeting the 2% rule (and just short of 1%, even), but this is probably the closest property I've seen, and has a significant cash on cash ROI.

Yes, but most likely most investments will be falling if that were to occur including the cash flow properties.  

The Kitchen was upgraded with new cabinets, granite countertops, garbage disposal, stainless steel appliances that include the following:Bathrooms remodeledAll hardware and doors replacedCeiling fans throughout the homeUpgraded electrical switches and outlets2 car garage What made you interested in investing in this type of deal?

I recently attempted to purchase a condo that needed a bit of kitchen/bath Reno; I found HOA detail on the MLS and its usually include there’s or Zillow by the way.