Lenders assume on more risk with investment properties, so they might require 25 or 30 percent down, especially to qualify for better interest rates.Your scenario has a 3.5% this kind of rate are usually to Owner-occupied loans so as an investor it might be too optimistic.You are missing  Property Hazard/Insurance in the expenses. 

We'd prefer something close but price-wise I was curious to hear if there are any markets we're missing. 

I feel if I use the tax software myself I might miss out on things. 

@Chris Lynn think it's closer to 32 (I had ARV a little higher on accident), let me know if i'm missing anything  185k - agent fees 11k - closing costs 2k - rehab 25k - cash purchase price 115k = 32k  @Owen Dashner good advice i agree with you.

What am I missing?

I would leave cash for keys as the very last resort after you take ownership and need her to get out immediately to start prepping it for sale.To echo another person's response, give her notice right away that you are going to enter the premises, and take inventory so things don't "walk away" or go missing on you. 

I'm considering buying a duplex with existing tenants to not miss out on Austin's appreciation, get a little cash-flow, and remodel when I eventually move back. 

I don't think I should count the missed principal payments as cash flow because that is in effect reducing my equity in my property, but what about the interest I would not be paying for those two months?

I don't think I should count the missed principal payments as cash flow because that is in effect reducing my equity in my property, but what about the interest I would not be paying for those two months?

Am I missing anything?