Their rent of $1350 is market average - no immediate ability to increase most likely (plus I prefer to be conservative in my estimates).Given 18% repairs/capex ($241/mo), 5% vacancy ($70/mo - even though the tenant wants to stay long term), and the inclusion of taxes($110/mo), insurance ($120/mo) and mortgage cost ($540) I'm still cash flowing ~$300/mo on $29k total cash invested. 

My current condominium has an outstanding mortgage of $190,000 and I collect $1,500 a month in rent from my friends with all bills inclusive.

This isn't inclusive but should give you a good start.

Monthly payment inclusive of taxes and insurance would be $1450.

Hi:I have seen landlords change to a percentage utility charge that changes from inclusive to fee based.

Since the FairTax taxes all consumption without exception (except previously taxed goods and services), the FairTax imposes a 23 percent (tax-inclusive rate) tax on the purchase price of new homes."

The problem is, the system is not all inclusive and there will always be other new systems and gadgets he will try to sell you after you thought you had it all...I should have known better, almost fell for all the hype.

While getting some cash yield would be great, my main objective is for the property to at least be carry neutral (inclusive of property management fees, given I'm out of state).

Not sure if you mean expenses when you say expenditures, but most investors will tell you to use somewhere between 40-60% for expenses, inclusive of taxes, insurance, management fees and vacancy. 

Ask the owner how they market and if you hear "word of mouth", the "phone book" or "sign in window", game on.100% occupancy - Shows they may not be trying to maximize the rent and prefer to stay below market for ease of management (or ignorance).Rent roll - Tenants on the rent roll for 3+ years with no rent increaseRent roll - Rents all set at $25 or $50 incrementsP&L - Shows $0 late feesManagement - Self managedVendors - Only use subcontractors (they don't use MF specialists for painting, flooring, equipment)Not all inclusive and not all are value add flags by themselves but some signs to look for.