As you have lived in the house and are very familiar with it, you should know in detail what the expected annual expenses will be (as well as any large Capital Expenditures you may have soon like a roof, HVAC, or water heater replacement). 

At that price, this properly could easily be in the red if you factor in all the expenses (Property management, insurance, taxes, repair reserves, capital expenditures, lawn care/snow removal).

Now, the expenditures / disbursements that were already made from escrow might need to be checked - but those should total to the tax bill(s) and insurance bill(s); should be simple arithmetic to check that.

The pipes will be a constant maintenance expenditure, and the main is a ticking time bomb that will cost tens of thousands of dollars to replace and require emptying the entire building, and taking out the floor of several bottom floor apartments.The math nerd in me wants to quantify the risk - what's the likelihood of the main going while I own it (I only plan to own 2-3 yrs), how many replaced pipes per year average at what cost per break, etc.

You mention its just been renovated but you will still want to factor in a small capital expenditures/ maintenance cost.

This information will be based upon buying a rental property in cash or hard money and refinancing out of the property via traditional lending (BRRRR Strategy)Initial Phase Data AnalysisPurchase Price Rehab CostRent AmountAfter Repair Value (ARV)Once you understand these data points then you'll have an understanding of how much equity you'll have into the home immediately upon completing your renovation.Next Phase Data AnalysisDetermine your Net Operating IncomeNet Operating Income = Annual Income - Annual ExpenseTypical Investor Expenses (Varies depending upon the investor): Vacancy, Taxes, Property Insurance, Property Management, Property Maintenance, Cap Ex (Capital Expenditures), etc.Once you have budgeted for these expenses, you'll now understand what your NOI for this property is which gives you a much better indicator of how much money you're actually making.Next Phase Data AnalysisVisit your financing terms.

Based on the current, long real estate cycle and where interest rates, yields, and prices are, we've made the following adjustments:-Limited Flips above $600,000-Moved to buying multifamily out of California and Colorado to other states-Being extra disciplined on rent growth assumptions, vacancy assumptions, capital expenditure assumptions, and LTV/LTC for financing

As long as you keep those payments lower than the monthly rental income, you've got a cash flowing property AND a lump sum of money to invest or spend as you please (give yourself some wiggle room to account for vacancy, maintenance, capital expenditure, etc.). 

Every major component of this house has been replaced so capital expenditures would be minimal.

I would ensure that you have enough funds set aside for capital expenditures on the property before paying additional principle.