I have about 8-10k cash of the 15 the bank wants to cover prepaids, 20% down, and closing costs. 

Here are my assumptions:Monthly Rent: $1,700 (1% rule - check)Price: $180,000Mortgage: $153,000 (@ 5%)Down Payment: $27,000 (15%)Closing & Pre-Paids: $3,600 5% cap ex5% repairs5% vacancy8% realtor/property mgmt feeNet monthly cashflow: ~$126 after taxes/insurance/water/debtSo my question is, am I thinking about this the right way?

But I am not clear if they currently use a straight up LTV or the actual cost of buying and fixing.Fannie Site"The new loan amount can be no more than the actual documented amount of the borrower's initial investment in purchasing the property plus the financing of closing costs, prepaid fees, and points on the new mortgage loan (subject to the maximum LTV, CLTV, and HCLTV ratios for the cash-out transaction based on the current appraised value)."

@Ronald Rohde total closing costs $8,600. to include 12 months prepaid INS.

Ask the owners (or their agents) if anyone had prepaid their rent for __ months.

And the domain name is registered to one Brandon Washington as of 8/15/17, prepaid for one year.

In case of such breach, Landlord may deliver a written notice to the Tenant in breach specifying the acts and omissions constituting the breach and that the Lease Agreement will terminate upon a date not less than thirty (30) days after receipt of the notice if the breach is not remedied within a reasonable time not in excess of thirty (30) days; and the Lease Agreement shall terminate and the Tenant shall surrender possession as provided in the notice subject to the following:(a) If the breach is remediable by repairs, the payment of damages, or otherwise, and the Tenant adequately remedies the breach prior to the date specified in the notice, the Lease Agreement shall not terminate; (b) In the absence of a showing of due care by the Tenant, if substantially the same act or omission which constituted a prior noncompliance of which notice was given recurs within six (6) months, the Landlord party may terminate the Lease Agreement upon at least fourteen (14) days written notice specifying the breach and the date of termination of the Lease Agreement; If the Lease Agreement is terminated, Landlord shall return all prepaid and unearned rent, and any amount of the security deposit recoverable by the Tenant.

But all had the same prepaid postmark with the same permit number . 

On a 225k FHA purchase and some seller paid closing costs/prepaids, you should be able to keep your upfront costs to roughly $10k. 

@Tim Milazzo I've prepaid and paid-off several commercial loans in the past year.