I'm curious if there are any HOA fees  and you also did not include any capital expenditures .  

I also have read that another potential benefit of this approach aside from the increased cash flow is the diversification of risk in the sense that it is unlikely that something major breaks on many of the properties at once, yet you are actively saving from the monthly rent from each unit as if the expenditure will occur (CapEx, Maintenance, Vacancy etc) I don't necessarily have a specific dollar figure in mind but it would be nice to get to the point of being able to generate $2,000 a month initially which would allow my wife to stay home with our young children and still be able to steadily save and make future investments. 

I tend to prefer commercial properties over residential in today's market due to competition and limiting capital expenditures.

It looks like my expenses are $2,108 a month.Next I put in an additional 30% for Vacancy, Property management, and Capital expenditures it looks like my total expenditures are sitting at $2,740.40 meaning my cash flow is $204.60 per month.The Good NewsIt seems like it is a growing city. 

Due to the age of the house, figure in a lot of $$$ for capital expenditures. 

I do not know how much capital I would have, though I would like to acquire at least $10,000-$15,000 in cash for my FHA 203k loan, as well as having an emergency fund for minor repairs, capital expenditures, vacancy, and so on.

Cash flow from each property should be at least 100 per door after accounting for all expenses, and at least 15% cash on cash return(Capital expenditure, property management, vancancy, etc…) Time frame for each property ideally would be forever, but realistically every 3 years we should evaluate our strategy with each of our assets.With Multi Famlies, we will need to fill in the gaps of knowledge with what the numbers look like in the region.

You can reduce recurring costs and grow your business nationally and not have to learn every single new market by leveraging inspectors, appraisers and Realtors, they'd only be paid on a transactional basis so capital expenditures would be directly tied to how much revenue you generate. 

Additionally not inspecting or accounting for bigger ticket expenditures like (HVAC, flooring, roof, plumbing, electrical, foundation, and appliances) will reduce your profits the fastest.

@Matt Peebles capital expenditures.