Subtracting the additional $30k I put in when it had negative cashflow, that's still $11,500/mo. 

Then they add or subtract for location, age, size, etc. 

Then subtract the cost of the work to be done (build in a generous buffer).

These expenses may include property taxes, insurance, repairs, maintenance, utilities (if paid by the owner), property management fees, and vacancy allowance (an estimate of the lost rental income due to vacancies).Calculate Net Operating Income (NOI): Subtract the total operating expenses from the gross rental income.

With such a low ARV, you will probably be looking to sell at 75% ARV - repairs, so subtract your fee/% from that number.

Have a look at an amortization schedule for a new house and subtract the principal payment from each moth when comparing it to your rent payment.

They are Not subtracted from the actual Tax you owe, dollar for dollar. 

After subtracting all that from the 3333.00 , whats left is what you can spend on a mortgage payment including property tax, home insurance and mortgage insurance.

In a few years, your maintenance, capex, etc. will increase, and you'll likely find that your overall expense ratio will be between 45-55% (subtract 10% if you're self-managing).Even assuming only a 35% expense/vacancy/capex ratio on this property, with $60K downpayment and 10 year loan at 5%, you're still losing about $35/month by my calculations.

Not only may it not add any value to your home it may subtract value up until the day you have paid them off in full.