I initially evaluate a deal based on the agent's CMA, but you can be screwed in the end if the lender's appraiser thinks differently.No, property does not need to be 100% vacant to BRRRR. 

It does sound like you need to re-evaluate your tax planning though.

A supplemental loans means that 1-2 years down the road, the re-evaluate the value of the property and allow you to add a loan on top of the one you have.The other option is to refinance the loan. 

Units are 30 miles away from my home.FACTS:   Current rents /offer $ = $145 Monthly Cash flow per door / Proforma Cap Rate 6.16% / Cash on Cash ROI 5.33% / Purchase Cap Rate 6.16% / 50% RULE -$211.80 Monthly Cash FlowMarket Rates (conservative)/offer $ = $167 Monthly Cash flow per door / Proforma Cap Rate 6.36% / Cash on Cash ROI 6.16% / Purchase Cap Rate 6.36% / 50% RULE -$126.80 Monthly Cash FlowThank you for your honest evaluation and expert insight on this - MUCH APPRECIATED! 

When was the property or properties evaluated for any repairs or CPAEX rehabs to be done?

Or is it a matter of doing the math on how much PMI costs, and how long it'll take to even out the costs of FHA vs conventional and compare that to how long I plan to hold the property (Is this how you would evaluate deciding between the two?)

@Paolo Venezuela you could start with Chapter 14 in Brandon Turner's book on Managing Rental Properties for some Bookkeeping, attend some of his webinars on how to evaluate deals.

Do you know how to evaluate repair costs in your market on your end? 

And in those cases, as long as you're not in a jurisdiction that has a law that requires you to accept the first qualified applicant, that's where you can start to evaluate who is the MOST qualified. 

In regards to evaluating neighborhoods, I would evaluate street by street but also remember that neighborhoods gentrify over time as a whole.For example, if a rougher street is wedged in between five nice streets, it is only a matter of time until that street is also a nice street.My two cents!