Usually lenders want anywhere from 3 - 6 months of real estate taxes and liability insurance prepaid and in the escrow account.  

Typical costs from contract to close would be InspectionAppraisalInsuranceAttorney FeesLender DepositsUtility DepositsContractor Bids in some casesYou can generally calculate closing costs as a percentage of the sale price when you settle up on the deal...and this is all relative to where you are, lender requirements, etc...you may have pre-paids or mortgage insurance....property taxes, etc, etc. 

In a nutshell.Purchase Price 90,000Interest Rate 5.5%Down payment 20% 18,000Closing Cost 7,446 (includes prepaid taxes, insurance for 1 year, appraisal, loan fees)Inspection 600 (includes home inspection, camera scoping and cleaning the sewer line)Property Management fee 1100Rent Cert 250Misc repairs 1000Total Invested 28,396Projected rent 1100/monthProjected cash flow 188.19/month for a 7.95% CoC RoI (this is after all expenses like PM fees, Insurance, Taxes, mortgage and vacancy, maintenance, Cap Ex at 5% for each)I know it's not a home run but for my first property to get into and prove to the people I work with that I'm serious about investing I am OK with the outcome. 

I think the difference was prepaid a we’re 1k higher and they are identical properties so to speak.

They had dropped the price a few times and I ended up getting my closing costs and prepaids covered and and bought the home for $75,000.

They had dropped the price a few times and I ended up getting my closing costs and prepaids covered and and bought the home for $75,000.

@Tommy Clune Closing costs include legal fees, prepaid expenses, financing costs, title insurance and anything else that is paid at closing. 

My bank is not withhold escrow funds for propert taxes or insurance as I prepaid the insurance and assumed I would just pay the taxes on my own. 

Tell them you want to know the total loan cost minus prepaid. 

What specific line item is off (eg, property taxes, escrow fees, prepaid interest, etc), and by how much?