If I'm spending 500k... my profit should be higher? 

Quote from @Jack Townsend: I heard David Greene mention a loan product that only requires a 10% down payment on the purchase price and 10% of the rehab budget.

If you had also spend money on renovations and improvements while occupying those should have gone into service then as well. 

What's left after all that is your cash flow.Collecting cash flow to spend is an amateur play.

Be prepared to spend a lot of money creating the infrastructure.  

If I was in your shoes I would find ways to streamline your day job so that you are not spending as much time in that role.

pack your trips with showings and meetings.if it's not worth it to you to spend some time and money doing that... then don't spend tens of thousands of dollars on a property.

It’s good to budget for unforeseen expenses.Regarding PMI, it’s worth discussing directly with your loan servicer since many lenders require holding the property for a period or reaching specific equity thresholds before removal.If market rents are $2,200–$2,500, hiring a property manager could help you optimize rent while taking the burden of tenant screening off your plate.

This all comes down to how much you are looking to spend and the class of property/class of tenants you want to deal with.

I didn't see a budget line item for furnishings, interior design, and amenities.