Creating your own proforma expenses is key Agree, I have set aside 10% for Maintenance, 5% for Capital Expedentiure, accounting, and lawn mowing fees. 

Think of all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.5.

The lawn was mowed, a lot of weeds and trash were removed, enough to fill a fourteen foot trailer. 

Anyways i found ONE and the problem is that it is 90 years old and structurally good but needs HVAC (30 years old), needs intensive complete lawn reno on the .25 acre lot. 

Broken strings or any damage resulting from a pet.Dirty window and door screens.Torn or missing screens, bent frames, etc.Sticky or worn window mechanicalsBroken windows, frames or abuse resulting in poor function.Loose, worn or inoperable faucet handleBroken, scratched, damaged or missing faucet handleRunning toiletBroken toilet seat, tank top, handle or chipped, cracked or damaged toilet bowl, tank or seat.Musty odorUrine or pet odor throughout unitCloset bi-fold door off track or needing adjustmentDamaged or missing bi-fold door, knob, track resulting in poor function.Old, expired, or non-functioning smoke or CO detector (not resulting from damage)Missing or detached smoke detector or CO detector or missing batteriesNon-functioning light or electrical fixtureMissing, burnt out, or incorrect style light bulbs or damage to a fixture resulting in non-function.Dry, brown lawn or landscaping (not resulting from neglect or failure to water or tampering with irrigation or timer)Lawn with pet urine spots, dead areas, excessive weeds, lack of irrigation as a result of neglect or tampering with irrigation or timer settings.

With all units at market rents it's $598/month cash flow and 8.78% CoC ROI.For the calculation I use 7% vacancy, 10% maint, 10% PM (will be using a PM), 5% CapEx, actual utilities (owner pays sewer, garbage, lawn/snow), actual insurance quote, stated taxes, actual mortgage payment.Do the number need to meet my standards day 1 or can I get there over the next year or two and it still make sense to do this deal?

Roofer comes to everyone's door says I will get you a free roof (or our lawyer will sue the insurance co. and drag it out so long they give in as it is cheaper) and for you putting this sign on your lawn saying "another roof covered under insurance see if you qualify call RoofScammers Co" we will pay you $500 - this number happens to be the same as your deductible - which we are not legally allowed to pay.

That would at least tell you how much she earned, albeit somewhat artificially.

I wonder if the cost of college is artificially inflated because of cheap debt, debt that is likely to be forgiven to some extent, and then overhauled.

The idea that COC always gets better as you put down less on an investment (classic leverage) generally holds true in a low interest rate environment, especially in the "artificially" low interest rate environment created by the Fed.