That price could be low because the Life Tenant could live another 20 years.

Slight correction: I try to price about $1500/mo gross over fair market, although have been a little low lately.

The best way to learn how to estimate the repair cost IMO is just google the item you need replacing to get a price or go to Lowe's or Home Depot and just walk around and look at the prices.

The area attracts a lot of working families with children and seems to have fairly low rental turnover in the 6 months I've lived here. 

Vacancies are very low, but it's not driving up rents much because of income limitations.Check out Meadows at Riverbend.  

Rentometer is telling me I'm on the low end of the bell curve but I don't know how much to trust that web site.

If nothing else, consider rolling it over into an IRA with a low cost provider like Vanguard, and putting it into Index Funds.

Doesn't this risk factor put us in the same boat as a hot market with low interest rates?  

My husband and I are in the process of buying low cost properties for rental units.

The problem with Coverdells is the low yearly contribution limit.