Additionally, once stabilized, the building should be cash-flowing at about $1,300 per month after all operating expenses (maintenance budget, vacancy budget, snow removal, property management, and PITI).

This got me thinking if I were to buy a $400,000 fixer-upper and only put 10% down that would leave me with a hefty renovation budget of $60k-70k.

I only have one duplex and tenants pay electrical there but there is only one water meter (which I think is common on duplexes) so its easier for me to just pay that and I budget that into my expenses when setting rents. 

Need to little breather to refi them out.What budget range were you looking at?

By budgeting in repairs, CapEx, vacancy, and property management (which I’ll do myself for a while), plus pumping the cash flow back into it, I will fill my 6 month emergency fund in about 4 months (not counting my W2 savings).

Work on your personal budget.

You can expected rental rates to increase over time, however, connecting with a local realtor who is familiar with investment strategies should help put you in a better position of understanding of what areas will best fit your financials budget and long-term goals as well as possibly being connected to local contractors and financing assistance if you decide to pursue additional properties.Do not be detoured by neighborhoods directly - check out the comps and, since you're local, drive by the areas you're hearing the most about and see what is being done to increase appreciation.

As I still have more work to do I would say need to add more of a cusion on my budget as its costing me almost double what I thought to do repairs.

- is your budget $60k total all in, or is that what you are looking to purchase for or is that your remodeling budget?

Someone has to pay for all those nice trucks and marketing.Get a few bids for a plumber.