How much will you have to spend to get the property operating normally (one time or capital expenditures)  Usually helps to have a knowledgeable contractor see the place if you know there is work to be done.  

This place looks like a small loser from my numbers.You don't take property management, vacancy or capital expenditures into account in your numbers.Here is how I see this house, assuming your 10k repair budget is accurate:Mortgage Rate 4.75%Length of Mortgage in years 30Monthly Mortgage payment $250.39Taxes $158.33Sewer and Water $-Trash $-Heat/Utilities $-HOA $-Cap Ex and Ops $150.00 (this is your rainy day fund for eventual roof replacement, new hot water heaters and furnaces)Insurance $75.00Mgmt Fee $75.00 (10% is the BP standard.

Thanks for the reply.I've factored in landscape/lawn care, vacancy as well as some future money set aside for capital expenditures, but maybe not enough.With all that said, thoughts on whether it's a good deal or not?

Just taking the property tax ($333/month), vacancy ($160/month), Property management ($160/month) equals over $650/month with nothing for repairs or capital expenditures or insurance.

However, construction expenditures are projected to be in the $4-$5 billion (yes with a 'B') over the next 5 years. 

Not a newbie with the drive to learn more, to teach yourself what you need to know, but a dilettante who doesn't really WANT to learn anything other than a string of easy answers that lead straight to financial freedom with a minimum of fuss and time expenditure.

Capital expenditures like roof, plumbing, electrical, foundation, outdoor stairs, lead paint etc. etc.

Monthly Income: 1100Expenses: -Repairs/ Maintenance – 50 -Real Estate Taxes – 112.50 (1.2%) -Insurance – 30 -Vacancy Costs – 83 -Capital Expenditures – 100 -Total Monthly Expenses: 375.83Downpayment: 18000Loan Amount: 72000 (with 20,000 rehab money) -30 Years @ 5% interest Closing Costs: 4000Total Initial Investment: 22000Monthly Mortgage: 386.51Cap Rate: 9.54%Monthly Cash Flow: 329.32ROI: 17.96%After evaluating this, if this property was in a better neighborhood with less crime, would I be naive to pursue this property?

Expenditures in excess of $400 require owner approval. - Should this amount be lower?

It is a discretionary expenditure for both buyers and renters.