I suggest you look at local tax rate, insurance carefully, utilities are low if you have to foot the bill. 

During those vacancies, you will have utilities to pay for.  

I bought the condo in 2011 when it was common to see properties for less than $100,000.

Pay the water bill yourself, have tenants reimburse, do not have tenants pay directly for a public utility that can place a lien on the property.

If you're getting recourse debt from a local commercial lender they often will allow you to roll rehab into the loan up to a certain % of appraised value.  75% LTC is fairly common for that size asset, assuming debt coverage is adequate.   

@Nicholas ZornekFor my duplexes I budget PITI, 3% vacancy rate, 5% maintenance, 5% capex, 7-10% property management ,and actual utilities (if need be).

Find an agent who is an investor. go to meetups in your area to get exposed more and network. picking up random properties on Zillow with out knowing all the expenses and repairs isn't the best way to utilize the calculator. you will need accurate numbers to see if you will cash flow. start your search for a property now as sometimes it can take time to find the right one depending the area. get pre approved and go house hunting with a link minded realtor. then you can plug in the numbers into a calculator and see if any will work. best of luck.

I'd like to pose a variation of this common question.

These include loan payments (if you had them), taxes, insurance, HOA fees, utilities, etc .. that occur during the Rehab period and up until the property is fully rented.I understand your reasoning for the 60% LTV to gain better cash flow. 

I utilize Madison Management and they have a fees sheet you can take a look at on their website to see what some of your fees may be.