Please give some feedback on if I miscalculated or did not account for something: 5 Bed, 2 Bath, 1550 sftPurchase Price: 340000 (lets say it was this low, this is just for analysis practice purposes)Closing cost: 6800Downpayment: 68000 (20%)Interest Rate: 4.3Monthly Mortgage: 1346Rent Income: 2500 (Already have renters who are ok with this price, brothers and roomates, they are actually paying more right now)Monthly Expenses____________________Property Taxes: 321Insurance: 80Vacancy: 100Repairs (just in case): 100Capital Expenditures: 200Total: 801Cashflow per month: 2500 - (1346+801) = 353Caprate: 5.88%CACR/ROI: 5.66%Do you think this is still too low? 

There are many more fixed and variable costs that we need to account for.Monthly Operating Costs Taxes: $168.00Insurance: $65.00Utilities: $150.00Vacancy: $75.00Repairs, Maintenance & Capital Expenditures: $150.00Non-Payment of rent: $75.00After accounting for all the proper expenses that leaves the investor with a net profit of $343.00 per month.

Ideally you are also reserving $ for capital expenditure, maintenance, common utilities, etc.

Capital Expenditures:  Again it is dependent on age, condition, and class of the property.  

You can also use capital expenditures (CapEx) for bigger-ticket items, such as a new roof or HVAC system, to deduct from your taxable income.

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.