It really comes down to how much you are looking to insulate yourself.

Then after the plumbing repairs are made I would have the pipe insulated (ask the plumber what he recommends). 

However, if you have a truly excellent single older adult, non-smoker, no pets, coming with little to no furniture, and he will be the only occupant, giving you a honking big damage deposit, plus he doesn't mind that you're gonna have it on the market while he's there, with showings, you might consider it. 

That being said, should I use an excel sheet to track my income and expenses or is there a better way or better software?

Rookie mistake of mine, but my current tenant has lived in it without missing a payment for the past 5+ years and takes excellent care of the property so I haven't increased rent.

I believe that for a full-time worker getting started investing in rental property that an appropriate amount of cash is as follows: - Cash for the down payment (can be 25%, 10%, 5%, 3.5%, or $0)- Cash to cover all closing costs- Cash to cover all expected repairs- A $10,000 to $15,000 or larger cash cushion AFTER all of the aboveThis, I believe, insulates new investors from liquidity risk shortly after purchase - i.e. from not having money to replace the HVAC system, or fund a roof replacement.

Fees are also insurance, but only pay the fee for the excellent service.   

What I mean by this is that you'll be better insulated in a downturn having the right property in the right area.

I plugged your numbers into my Excel BRRR calculator and you are right, the way you are analyzing its a break even deal after you complete the BRRR.

I had an excellent agent who had an amazing team behind her that got both deal done for me