Have there been any repairs to the well, including the pump or pressure tank?

Don't go off the deep end and get into something that is way over the top in need of repair!  

We had the foundation repaired.

While the units look to cash flow, for the next 5 years we plan on using that cash flow for any extra expenses over and above what we would forecast for the maintenance, repairs, and capex items for the properties since we already have W2 jobs we plan on keeping for at least the next 5 years. 

After crunching the numbers I'd be cash flowing around $600-700/month if I hire a full service manager (and this is without accounting for any repairs, which it does need).

You will need to maintain the property with repairs and eventually capital expenditures as well, plus rentals don't stay occupied 100% of the time and renters don't pay 100% of the time.

The seller wants to do the repair.

I'm always learning about REI because the more knowledge I have under my belt, the better I can negotiate deals, accurately calculate repair costs and etc.

You want to keep your maintenance low by doing all repairs as early as possible.

It seems to me like really what I want a property manager for is to show the property for me, to deal with late night calls and coordinate repairs.