For yr one cash on cash return,125400/(480000+7704*12)=21.9% I didn’t include closing cost as I have no idea how much it would be.Regardless, is this correct?

It can cost as much as $2500 a year in various fees to be an agent. 

I didn't use the nicest materials possible to save on cost as well,  and it's a rental for college kids so I'm not worried about having the nicest finishes.

One year repair guarantee on everything   That cost a bit.  

So even though it was a larger company with about 500 million in assets.. it also cost a lot to keep it running..

However, if you're current situation allows for you to not have this PM cost as you will be self managing - review both calculations (with PM vs. without PM).

Even in nice areas like Summerlin or Henderson you can still find nice homes for about 1/3 to 1/2 the cost as the same type of house in California in a similar area.  

Going to need to contact a contractor to find out how much this will cost as it's not something I can take care of at my skill level.

More California cities will be dealing with rent control along with stricter rent controls in cities like Oakland that already have it if AB 1506 is successful as it's currently written...its really sad too because repealing Costa Hawkins and/or Ellis Act (separate bill that I can't recall # off top of my head) is not going to solve the lack of affordable rental housing or the growing homeless crisis...IMHO.  

That increase your cost a bit, the appraisal alone would likely run $2500-$3000 more than a residential appraisal.