With a 30 year loan you can build up a savings to buffer the expensive problems when they come up and get back on track after they are taken care of. 

@Patrick L. on a home that needs kitchen, carpet, bathrooms at first glance, 3bed 1bath, 170k ARV, how much would you budget as "safety buffer"?

Would this approach spread myself too thin even with a 20% equity buffer and a health cash flow even after the higher mortgage payment?

Generally ok to accept slightly below 200/door but need some buffer in the event that rents soften.I would also buy anything that I can pull most or all my money out of after rehab... also known as brrrr so long as it covers itself with some amount of Cashflow buffer after all holdbacks.2) are you able to achieve that amount on a consistent bases?

Therefore, in order to pay off your acquisition loan and get your cash back your costs  need to also be 75% or less.  70% gives you a 5% buffer encase the appraisal comes in low or your Rehab costs are more than expected.  

With a PM you are paying for them to basically be the buffer between you/tenant.

If you'd rather have a bit of a buffer for uncertain times, stay the course or make the occasional extra payment.

Maybe get rid of the 10% buffer if you already have a lot of science behind the estimate.Maintenance - As others have said, the maintenance number is too low (especially for 100% turnover) but your combined maintenance and cap ex do not appear too low.Appreciation and Principal Reduction - Cash flow is one of three profit drivers in real estate and to calculate the true return, factor in the other two drivers using the IRR.At a 60% expense rate for a $1450 rental, you are likely forecasting expenses a little on the high side (even with the higher taxes) but you may not be too far off (and the tweaks I mentioned may help).

This keeps the most amount of your cash on hand to purchase another property, or to use as a buffer for repairs/future renovations/considerations. 

If you want to do a TRUE BRRRR where you get ALL of your cash back you may want to set your criteria as 70% to ARV all in so you have some buffer.