To assume one thing or another is a mistake.

Worst case, they will just say that's not enough to cover their expenses and tell you to go higher.

Worst case scenario, you will be very well prepared for when you do decide to buy. 

Don't beat yourself up over this situation, I made a similar mistake on my first house last year.  

I tried a VA, but there are too many mistakes.

I have been leaning towards the no equity deals and dealing with the banks , but would that be a mistake especially being new ?

It's a mistake to assume that his one experience  with a single site, is the same as all of them.  

Perhaps there might have been a mistake in communication  with the person that was actually entering the listing but that isn't my problem.

Here are the two analyses: Initial Investment Purchase Price $89,000.00 Closing Costs $2,225.00 Renovation Costs(allegedly turn key) $3,000.00 Total Investment Costs $94,225.00 Financing Costs Down Payment (%) 20.00% Down Payment ($) $17,800.00 Mortgage Balance $71,200.00 Annual Interest Rate 4.00% Loan Term (months) 360 Total Invested Capital $23,025.00 Fixed Monthly Operating Expenses P&I $339.92 Financing Charges $0.00 Administration Fees $12.50 Property Taxes $197.08 Homeowners Insurance $111.86 HOA Fees $0.00 Fixed Monthly Total Costs $661.36 Variable Monthly Operating Expenses Property Management $157.50 Advertisements/Referrals $65.63 Vacancy & Collection Losses $131.25 Capital Expenditures Replacement Fund $50.00 General Maintenance Fund $50.00 Temporary Utilities $10.00 Pest Control (Optional) $0.00 Lawn Care (Optional) $0.00 Total Variable Expenses $464.38 Total Monthly Expenses $1,125.74 Annual Operating Expenses $13,508.86 Operating Income Monthly Market Rent $1,575.00 Annual Gross Revenue $18,900.00 Monthly Profit (or Loss) $449.26 Annual Net Profit (or Loss) $5,391.14I present to you such a thorough analysis in the attempt to make sure I'm not making any glaring mistakes!

I'd feel like a total *** making a huge mistake on an investment because the calculator numbers looked way too good to pass on the opportunity.