We had a kitchen designed with a peninsula.  

So my PITI on this after the first year will be around $2,000/mowater-$215/moCapex/Rep- it should be like a new house at the end, so I'm only factoring 5%/mo-$225Vacancy-$0, I've got six other properties in the neighborhood... no vacancy with college kidsMisc-$200Estimated Cashflow/mo- $186021% CoC ReturnMy question is this...... my original plan was to utilize the friendly financing terms at a 4% int rt-- better than my recent bank loans by a good margin....I was going to use the full 5 year term, and fix it up slowly over time... get the good unit rented out for max value, and get other unit updated to do the same..... then work on the big ticket items throughout the course of the term...... but then I got to thinking..... interest rates aren't getting any lower.... with the market hot... the ARV and appraisals will likely be friendlier the faster I do it.... it seems a downturn is due well within that 5 year term.

IRRRL's have a 50 basis point funding fee too, if you don't have disability, so you have to factor that in, too.  

As far as your actual mathematical calculations, yes it is all right except for:1 - your Cash-on-cash you are correct in it being 13.29% if you do not factor in closing costs however, if you factor in 3% ($4,008) closing costs your cash-on-cash is 11.56%2 - you cash flow of $296 is mathematically correct however, understand that your property management will be based off of collected rent and if you are factoring 10% vacancy the correct way would actually be to factor your PM fee after vacancy is accounted for because again most PM fees are on 'collected' rent - so if you run PM AFTER vacancy your PM fees are 1,728/yr. and in turn your cash flow is actually $312/mo. ($3,744/yr.).

Are either of these areas far enough away to not have too much headache factor associated?

Mold remediation is not cheap and I'm sure there is at least one hidden surprise you would uncover if you did this deal, so be sure to add a 10% overage factor for whatever your contractor friend estimates. 

Homeowner would like to move the vent to a new location, as they don't like the current design (which was original to the house... not something we changed.

As a commercial property manager, I've obtained many quotes to paint parking stripes and each stripe is typically $5-8/each once you factor in labor.

most people will look at square footage, number of bedrooms, cap rate, any necessary repairs, and of course the biggest factor location.

Well I guess that more so would depend on a few different factors such as the condition of the house, rehab costs, the relocation costs, new comps of new neighborhood, any permits that have to be acquired and probably several other factors I'm unaware of.