Beyond the capex/repairs/vacancy line item not existing I saw a couple other red flags in your numbers you may consider correcting in the future.Insurance seems extremely low at $25/month.

Congrats on your graduation  Rolando.In my opinion you should go for a conventional FHA  than a 203k loans  because 203k has extra fees  of your 3.5%  they work kind of like hard money lenders the only think is that the rate is lower than a hard money lender but higher than a conventional FHA  I just bought my first house here in Oakland California using 203k loan which works for me because I had  to renovate the entire house $125k of renovation with a rate of 7.6 and is been 8 months and I am ready to refinance to Lower my payments and the rate .In my opinion is worth it 203k loan if your repairs are over 100k  for all the benefits that you get with the city and sewer company. 

Bob, did you have to make initial repairs?

Let them leave, repair any damages they did (from their deposit) and get it rented to the next tenant after you find out a few things. 

Hi James, do you have a company that is lead certified to do repairs and testing in Cleveland?

It is imperitive to budget for the phantom expenses such as capex, repair, maintanence, and property management (even if you are self managing).

Does anyone know of a list site that will provide targeted lists (that are not a scam) like:- Owners of houses who have owned thier homes for over 20 years (posssible repair problems so they might sell for less, or possible free and clear owners who might sell for terms)- Non-owner occupied (burned out landlords)Then one could do a direct mail campaign.

-Taxes-Home insurance-Mortgage Insurance -Maintenance/Repairs-Capex-Vacancy-Property Management (many include this even if you don't plan on initially offloading to PM)-Utilities Let's say all in expenses are $2,000 per month for easy math purposes. 

All in all my contractor quoted repairs around $2k.Am I able to withhold from the security deposit to pay for repairs?

Luckily my newest and largest property only took three months to complete all majors repairs and for bookings to start filling up consistently.Do you have a mortgage?