@Kelly Ryan FHA has 3.5% DP for owner occupied. No PMI included in your calculations for less than 20% down. 3% vacancy works out to 3 units vacant every 2 years, not likely. Where is the Capex(capital expenditures). Everything in a property will need to be replaced at sometime. Brand new floors. 8 year life span. 778 sf * 4 = 3112 sd @ $6 sf = $18672 / 8 /12 months in a year = $195 per month for floor capex. Need to budget for roof,appliances,painting,hot water heater, hvac, cabinets,etc. When I analyse I use 23% for vacancy,repairs and capex.
Thanks for the feedback. I definitely need to get more detailed