And then if you naturally avoid driving out due to the distance, problems (with the tenants or the property) could multiply or worsen. 

If you want to have money set aside for repairs until you have enough saved from the rents then calculate how much you plan on setting aside for repairs and multiply it by maybe 12 month.

The property would be worth over 700k if I am able to sell it at the same Gross Rent Multiplier as I buy it for.AND I can buy this property for no money down.

Property is in a great college town with multipliers around 10-12x.

Multiply that by 300 and @Jay Hinrichs can tell you that story.

Long term goal is to have multiple offices in multiple states to really multiply my profits.

As everyone knows, if we can create value added products (for ex: laundry, vending machines, etc are the basic ones) that saves the tenant money and also generates additional income for us, that revenue stream can be huge when we multiply it by the number of tenants..plus it gives us an advantage over our competition.  

In your case, just take the $1000 and multiply it by .8725 (1-.1275) and that is your rent income and the difference is what you owe in taxes.

A portion of that (about half) will naturally be placed into a "reserve" fund for repairs and improvements, but I will still use this total, annualized (multiplied by 12), and divide it by the total cash I have to spend to acquire the property.

The younger you start letting your cash multiply the better.College is a great experience and you really shouldn't miss out on it.