The property I got is in the medical center, a $260k, 4 bed, 2.5 bath house, newly replaced roof, 20 year old AC, 20 year old water heater, all old appliances basically, high water pressure, and yeah overall outdated house that needed some touchups.

There is a smaller rental pool at the $2,800 a month rent range but typically properties at that price will appreciate faster than others lower in price in the same market. 

Cap Ex was relatively high last year due to a water line leak wiped out a good portion of the profits the Cap Ex that year was around 48%of rent since rent was lower.

Just testing the waters.

You can get away with putting 10% down and having 100% of the renovations financed since there is a bigger pool of investors willing to buy the note and funding is much more available.

I'm sure it can be done, but you will definitely have to hire from the local talent pool which is awfully shallow. 

Now if you have a general person who stops in to do other small tasks or do more property management style tasks (walking through the house to inspect for damages, drop anything off guests may need, change water/HVAC filters etc.)

I cannot overstate the importance of finding a way to build a good rapport with your tenants as early on in the acquisition process as possible, as it will minimize or prevent countless headaches further down the road.When I took over my duplex with an inherited resident in one of the units, I had this conversation with the tenant prior to closing and found out that the toilet in their bathroom was clogging once or twice a week, and their shower head water pressure was super weak. 

Water pressure holds at the meter.

One of the restroom water pipes broke over the weekend and flooded the whole office that would need a major renovation.