The home is now vacant but needs significant repairs in order to bring up to at least minimum standards to put on the market to rent.

Op ex includes property taxes insurance repairs maintenance property management utilities landscape etc etc. $120,000 x 50% equals $60,000 operating expenses$120,000 gross income less $60,000 operating expenses yields net operating income (NOI) of $60,000. 

FHA loans are really only best in lower credit and lower down payment situation. if you have the ability to do 5-10% I would do it. if you don't need money for repairs , you could do on the higher end 10%+ but if you do need money for repairs 5% could be good. some lenders will do recasts on loans and you cannot do recasts with FHA.

Looking over your numbers I'm surprised a couple of them are so low - mortgage expenses, repairs and capital expenses.

You don't have to spend money  out of the pocket on searching Redfin, making some phone calls, making offers and posting ads on Craiglist or whatever local media you want to use to sell the property.

Sometimes the repairs were a bit nit picky, but the clients were great.

I read "guarantees" - for me that is the biggest scam ever and right then and there either hang up the phone or delete and block the email. anytime anyone guarantees anything run and run fast.  

Make sure your budget accounts for potential unexpected repairs and delays, as these types of properties can sometimes reveal hidden damage during the renovation process.

Some people get lots of phone calls day one, but not day 31 or day 131 or day 331. 

If you have any cap ex left in Palm Bay (like an HVAC major repair or roof) you will lose cash flow for years.