With the items you listed, you may need to budget for: 5% vacancy, 8-10% repairs and maintenance, 8-10% capital expenditures, and 10% property management.Breaking even on a property may be better than selling it for a small loss but if it were me I would want some cushion in my analysis.

You have not accounted for soft costs( vacancy, repairs and capex(capital expenditures)).

If you figured in a percentage for vacancy factorrepairs & maint. reservecapital expenditures reservemy cash flow would be lower, but like I said I don't touch any of it as I don't need to right now in my career.You don't have to move either to get into other markets for better cash flow, as technology can take care of that with various services.

Is there a dollar amount of expenditures you want to require unanimous approval?  

Good Morning Anthony,Just some quick thoughts.Your initial cash outlay looks a little light on the closing costs and repair, and could end up being higher, but we will leave it for now.The monthly numbers aren't factoring in several key expenditures.

:I don't understand fully how we as investors might be affected if the government gets serious about paying off debt and actually does it.It depends on the manner in which is it done.If done purely through austerity (spending cuts) there will be slower economic growth as the government expenditures will be subtracted from GDP.

I used the deal analysis spreadsheet floating around BP and I should net $100 a month after all expenses and reserves for capital expenditures (monthly repairs, property manager, etc.)  

Now I put down price, interest rate, term of mortgage, monthly payment, taxes, insurance, a monthly amount for repairs, capital expenditures, vacancy, and estimated cost of rehab. 

You might not have any expenditures but you need to know how much to save.

I see though that Pennsylvania offers some credits on property taxes paid and that amounts vary widely from one location to another.I would double check sense could have a major affect on your cash flow.I also see that you are not allowing for any capital expenditures that will surely come up over time.