And what vacancy can I expect? 

Seriously, it's free and you have nothing to lose.I'll never understand landlords who intentionally put themselves at vacancy risk instead of simply asking the tenants to pay more. 

I tried to use the calculator but still couldn’t figure out what’s bestRent: possibly $1,250/month (3bed/2.5bath)Sale: comps for exact home or slightly smaller recently sold for around $160kWith rent I know there are addition expenses: vacancy- tenant repairsHOA: $25/monthMortgage/Tax/Insurance: $830/month Water: not sure I think I average around $30/month possibly.

I would also like to plan for vacancies and if I decide after a while to live there myself full time or rent the property entirely and do it all over again.

I would also like to plan for vacancies and if I decide after a while to live there myself full time or rent the property entirely and do it all over again.Any advice would be greatly appreciated!

In your analysis, don't overlook a vacancy rate.

Even if I have to eat a vacancy for a month or 2, its totally worth it.

When you do have a vacancy, you consume those savings rather than taking an immediate hit on your income.

Vacancy is a real cashflow killer3) If after refinancing and potentially increasing rents you still don’t have adequate cashflow to fund reserves and property management (you will need this at some point in order to scale) you might consider selling the property and rolling the funds into better cashflow markets4) Investing out of state - there are many markets across the US with positive cashflow and good appreciation potential and Orlando is certainly one of those, maybe with more of a bias on appreciation than cashflow.

They can take over most of the brunt of the hassles; but sparing you just one month's vacancy alone can make the expense a good investment.