With residential rentals, long term vacancy should not be a factor. 

I know that the equity is the most important factor, but if the ROI is great, and the purpose of the Sub 2 is a long term buy and hold strategy shouldn't that make the formula more flexible, since the equity would build faster with a higher ROI?  

I suspect I know the area, but I regardless having looked at a bunch of duplexes in Dallas, I cant imagine that you can cash flow with $4,100 in rents and a $659K purchase price, especially when you factor in property taxes, management, capex etc. the Dallas Property taxes are very high since there isn't any state income tax. 

I would increase that percentage with other factors, such as if the hourly painter came from a reliable referral source.In a nutshell, an hourly painter to me sounds inexperienced and better be waaaaay cheaper than everybody else.

Spend the additional time & money you would be spending on driving around cheapo buyers who will be getting part of your commission on your marketing & continuing education to attract better clientele.

I stay in North Fulton county and plan to begin driving for dollars and cold calling this weekend. 

Although a private letter ruling does not establish legal precedent for all investors, there are many advisors who believe two years is a conservative holding period, provided no other significant factors contradict the investment intent." 

However driving around I see acres and acres or undeveloped areas.

There is more that U/W looks at than JUST solvency, though if you're properly collateralized and you have positive DCR then those are certainly the two biggest factors that will be considered.

The post itself though made me think what was already said about it being a tight deal.With the interest rate increase you’ll factor in and the closing costs it starts to look bleak.