Lets assume your numbers are accurate (I don't mean that as an insult), then I would ask do you have a plan for the money if you sell?  

well most on BP will tell you speculation is gambling blah blah blah.there are not many properties bought for rentals in Lake O given the price points.right when I say that the house 2 doors down from me just sold for mid 400s and they rented it.. rents cant be more than maybe 2500.00 now maybe its a family member or something. you can find older properties in the lake grove area of Lake O.. but generally speaking this is all owner occ stuff and very little MF duplex etc.appreciation of course has been spectacular last 6 or 7 years.. but its leveled off now.. as for solid property to own   for that's the case .. 

Hey @Robert Delaney, I don't see any line items expenses here, so it's tough to say if you have an accurate analysis here.

At the same time, 10% vacancy is probably not accurate to your market, so why are you underwriting with that number?

Contractors can be fickle people, but sometimes you're forced to take a bit of a gamble

A really cheap property that needs a lot of rehab has to be managed.You also need experience rehabbing,Material shopping, permits, managing sub contractors, order of operations, managing payments, checking work, and accurately projecting all of those numbers in the first place to make sure you get a good deal.Best bet is to buy more of a turn key rental for your first purchase.

Find three houses that are similar to your residence, and the average of those three houses should give you a fairly accurate rent. 

So if you put in $27k and (assuming your numbers are accurate) it is paying you $7848/year, that is about 25% cash on cash return. 

I am new to real estate investing, looking for my first project and wondering what the most accurate way is to run comps on properties.

Perhaps I am way off and your calculation is much more accurate.