While there's a smaller pool of potential tenants to choose from, there is also a very small number of available rental units.A few expenses I noticed missing from your numbers were vacancy, insurance, and capital expenditures.

I am using the following numbers:Vacancies - low in my area so I'm using 8%Repairs  - 5% of rental incomeCapital Expenditures - 5% of rental income + 1% for every decade over 20 yrs property age (i.e. 7% for a 40 year old house)Management - 12%  (expecting 10% + 1 mo per new tenant)So this adds up to at least 30% of my income.  

@Brett WelschmeyerDidYou factor in capital expenditures and vacancy ?

If anyone knows that area of the world, is my Vacancy %, Repairs %, Capital Expenditures %, Property Management Fee % set up correctly or does it need to be updated / changed?

You want the net income after all expenses like, maintenance, utilities, taxes, insurance, property management (if needed), if the property is vacant figure that in, and Cap Expenditures (any big ticket items that might need fixing or replacing once you own), things like the A/C unit, water heater etc.

@Craig Garrow, why would you need to budget for capital expenditures?  

We were thinking using the gifting tool but I don't know if I need to or how to cover the LLC's expenditure.

I was speaking with an investor with about 25 years experience with Class C rentals and he said he usually uses 15-20% of monthly rent to account for maintenance and capital expenditures combined.  

Its more predictable that "cash flow" which can be wiped out with one unexpected capital expenditure.

Overall, if it is turnkey, you shouldn't have much maintenance or capital expenditures in your first few years.