I estimate the gross rent will be around 33k if it has no vacancy but I have no idea how to find the expenses to calculate cap rates.

You will probably lose two months rent between the vacancy and any repair costs (paint, flooring, etc.).

Or are you also accounting for vacancies and capex?

Well guess what it wasn't with several vacancies popping up, with some major repairs needed, a roof that was hit by a storm and some other plumbing issues, it pulled me tighter than I needed. 

Since this was my first investment, I used this property to quell my fears of not being able to rent a vacancy, interacting with tenants, and being the one to take action when a problem is reported.

Our opinions of what is "good" may vary so I'll refrain from labeling the deal as such, since some people view good as $500/month cash flow and others would be happy with $150/month.Some people want their money back in 7 years, 3 years, 15 years, etc.Have you accounted for maintenance and vacancy?

@Jason Butts If you have had a vacancy since August you are either over priced or people are fleeing!

This potential tenant sounds demanding, but I can't judge a book by a cover. 1.5 months of vacancy will cost you $3,600.

Those vacancy can depend on several factors:- Are those rental priced competitively?

There are some good aspects to this deal, but you haven't accounted for any future repairs/vacancy.