From the picture I can tell that the home will need minor rehab.

They asked for more evidence, receipts, pictures and more pictures, explanations on our cost calculations, etc. 

But these only cover the mechanics of investing.

Keep in mind that is just one metric ,that is not the entire picture !

List price: $350,0004 units: 3 x 2 bd/1.5ba 1 X 2bd/2baI figured $1100/mo for rent for the 3 1.5 baths and $1150 for the 2 bathTotal Income: $4450I used Zillow and my assessor's website for tax info (although I have no idea what FCV and LPV are)Tax: $95Vacancy: $230 (5%)Repairs: $230 (5%)CAPEX: $230 (5%)Property management: $450 (10%)Mortgage: $1922 (using an FHA loan at 3.5%)PMI: $280Insurance: $70 (based on zillows numbers)Total Expenses $3507Cashflow: $4450- $3507 = $943Down payment: $14000Closing costs: $4000 (I definitely need help with this number)Rehab: $10,000 (pulled this out of my butt, only 1 picture of the outside)Total cash in: $28,000Cashflow for the year= $11316COC ROI= 40.4%I'd just like a little help to figure out if I'm even in the ballpark or if I really need to make some big adjustments to my numbers.

I wouldn’t want to get stuck with a huge payment on my home, and if I purchase a rental and the cash flow only covers my new mortgage payment, it doesn’t seem to make much sense.

 did a picture come up ?  

First I got a box spring cover which you'll want to leave on and unopened for over a year, then I sprayed the earth all over, along baseboards, under furniture custions, under the mattress, on the mattress, everywhere.

Similarly, one of the houses needed an electrical panel replaced (we found out with the inspection) and once we said we wanted the cost covered by the sellers, he sent his electrician in to get a quote, and wrote it in the contract.

My first question is how do I upload a picture.