However if I factor in property management cost and gardener fee, I am in the hole closer to $300 a month.

No foot wide holes in the kitchen floor (one place I looked at), not gutted to studs, appliances in place, etc.

From weather, getting land rights, lack of rigs, to just a dry hole there is always something going wrong.   

The management and maintenance does have monetary value even if you are doing that yourself. 

After moving in I noticed this gaping hole underneath the sink in my kitchen (see picture).

To the A**hole vacationer, it could become a nightmare for me.  

The numbers are probably fine, however the way it was ran, the tenants, and the overall condition of the property are what would be worrisome.Weekly rentals tend to be S*holes, how much deferred maintenance is there?

Keep ALL monetary items closely recorded, and absolutely separate - aka do not mix business and personal accounts whatsoever going forward once the LLC is set up. 

@Kathy HacmacI don't allow any sort of painting.I've put together my apartments so that all the walls will need is a quick washdown with TSP, hole and crack repair, some touch-up primer (maybe), and another coat of colormatched Glidden Premium to come back to where they were before I rented out the place.The brick duplex that I'm currently renovating was custom-built in 1923 for an heiress of a prominent local family in the historic borough of Munhall, PA, just outside the city limits of Pittsburgh.

If anyone would like to run their eyes over the attached report and poke holes in my assumptions I would appreciate it.