BUT, I am concerned about the estimated rent that Bridge uses on their website for each property.

I would estimate $500 to $1000 assuming you want title insurance.

Can anyone give me an estimate for how much each costs per year?

The estimate on Zillow is $134,000.

@Chris Reynolds - likewise, it took my about two years for the property to appreciate to the point where I had enough in equity to do cash deals, however in my estimation the wait was well worth it for two reasons: 1.

We definitely looked at, and estimated those bigger items. 

Then how to count the closing costs for an accurate estimation of the total amount needed?

It really is an amazing space, probably one of the last property types yet to be institutionalized but it's coming - public REITs own less than 3% of the existing stock and its estimated only about 15% is owned by private institutional investors. 

I named it by street name & number, it will make it easier for me when searching for the estimated property value.   

Assuming my plan will work I estimate my cash flow would be about $285/month because of the higher rates and shorter term on the HELOC.