I'm a little unsure about Cap Ex and my first deal

[John W Sheffer Jr]

Hello all,

So, I have created a spreadsheet for the home that I currently live in and am considering leaving and renting out as opposed to selling. The spreadsheet includes the mortgage, insurance, prop tax, school tax, lawn care, snow removal, vacancy rate, property repair, property maintenance, cap ex and the rent income. With all of that combined, I would have a -68 dollars cash flow but, because I have basically removed the need for any major expenses the actual savings that will go into a bank account for cap ex, property maintenance and property management would go into a savings account and would be slightly under 7k per year. Just to make it clear, I have rehabbed the house to like new ie, new windows, doors and siding 2015, new driveway 2014, new roof 2013, new appliances 2013, new furnace 2016, new composite deck 2015 west side of house and 2011 east side of house, etc all in an effort to mitigate future expenses. 

So my question is this, is my cash flow really -68?

Should every penny of the 7k for each year be held in an account until it is needed? 

Is there an amount at which you say, "okay, I have enough money saved to address the major issues of this rental property."

My thoughts were that I would already have a "rainy day fund" of 10k in the bank prior to even renting out my house. I have to admit though that after doing the property analysis I feel a little deflated. Here I thought I would be bringing in 7k a year and once I had enough to cover my most expensive capital expenditures or roughly 20k I would be able to take any money after that and reinvest into my next property. Does anyone have any thoughts on this? Am I missing something? I don't want to pad my numbers to give myself the illusion that I can make this work. 

Any advice on this would be greatly appreciated.

Thank you!