I received an update from my accountant and it seems the timeline of events did provided some clarification and reduced my taxes by $6k from the original $16k. 

I believe the one good thing about that spreadsheet is that it can be adjusted by the State you live in. because costs are different in every State the estimate sheet i believe is based on a multiplier for the corresponding State, as most cost estimating books are based. that program does break down a lot of information for you and i think it is a good program, one thing you may want to check is if the program updates every year with current multipliers for the States ( program is probably based on a starting average value for each thing and then the multiplier changes as prices for materials change) and you want to make sure it does that.

., @Chris SeveneyThank you both for your replies, here's an update.

You can make money self managing in good areas though at 25 down after cosmetic updates to boost rents, I have a building I only visited twice.

Also is it in the same condition (ie have the same updates)? 

Typically it is still hard to have it covered without a roommate if its not in a C class area, but it is possible @Chris Schoonhoven Sorry - I meant have the mortgage covered with the income from the other units* I'll keep everyone updated.

@Michael SmithFavor please, Michael...no need to update me further. 

Success, currently active, will update what our final sales price ends up with, fielding calls on the property already.

Good morning, the following property is up for sale at $250k.  114 S Broadway St, Toledo, IA 52342 | ZillowThe seller has 'described' it as follows:"The property features a new roof and updated electrical work completed two years ago at a cost of $120,000.

@Nancy BenderAny update on how it is going?