I lost my superhost because of a couple incidents including one idiot who had expectations to the roof, repeatedly one after another, and I ended up telling him to go xxxx.

You certainly will cash flow on many months, but over time with maintenance and especially CapEx (roof, paint, heating system), you'll be near break even.A good understanding of loans, interest rates and amortization schedules helps, along with Sch E for your taxes (for rentals).

Your returns should be through the roof because you have so little invested into the deal that even a modest return is great value.

That you have enough cash reserves/access to cash that a roof replacement or a heating system or 6 months of vacancy doesn't bankrupt you.

My mind wandered steadily through the properties I had been analyzing the day prior...none of them good deals...not a chance...there are no good deals in this market...or was there maybe that one with the blue roof...nah...that one didn’t have a high enough ARV...but wait that other one in the nicer neighborhood...nope...that one didn’t have a high enough rent to justify...what about that Triplex that has been siting on the market a couple of months...WAIT, that Triplex has been sitting on the market a couple of months!

Certainly those numbers can change as you get into a project and find unexpected issues, but it's a good place to start and should help you develop per sq ft pricing for flooring, paint, roofing, etc - all the most common components of a renovation. 

We would then sell our current residence to move in.Among other issues, the roof leaked for years during the previous owners occupancy and while it sat vacant for the last two years.

If you find one that generates equity, definitly go for it, but the issue I found is that you can only make this work if you deferr needed repairs (like squeezing another 3 years out of a roof) - we do everything up front and that means higher rehab cost.

Example:  Our recent BRRRR included new LVP, new cabinets, new roof and new appliances. 

I start with demo, foundation and plumbing, then roof and electrical work if needed, paint, kitchen, bathrooms, floors, baseboards, light fixtures, etc.