For example, the 4-unit I referenced in my first post generates about the same annual gross rent as the 5-unit you are looking at ($27,500 vs. $30,000) but I purchased it for $120K...so my monthly mortgage payment (PI) is $503/month.

I like to vet each tenant and have a clear lease with everyone authorized to occupy the unit.

I aim to achieve an IRR in the high teens to the investors using very conservative and achievable assumptions, while leaving enough meat on the bone to carve out a promote for doing my part.

The carpet in that unit is already not the best- I was already thinking 1-2 more years before putting in new flooring.Kelly

The sales comps are very important for your valuation & if the appraiser chooses some other unsupportive comps, you may not achieve the value you want.

I haven't achieved my projected return on any of the pre-sold properties we have completed.  

To be safe, plan a lower ARV than you would expect to achieve if the house had no negative history.

Looking to possibly find one with a garage/ or basement to turn into an additional unit.

2nd If I get a call at 11pm on Christmas Eve that the toilet is overflowing in an upstairs unit I am much more likely to smile on my way to the property if I like the person Im about to help.  3rd good relationships with tenants PAY!  

And again, don't be discouraged by that, just know that it will take hard work to achieve your financial goals.I would strongly suggest networking with some local BP investors in Dallas.