The hard part with this approach: in a single family with 1 kitchen and 1 bath, I end up budgeting about $450/month just for repairs and long term capital improvements.  

If the other heir fails to step up to probate the property, you may be able to keep all the rent  If the other heir does petition to probate, you could deduct the reasonable and necessary costs of the eviction and of renting the property (but not the costs of improvements).

That would improve the my cashflow, using the 75% rule, to $6,225.

The cashflow looks nice, of course, and the 10 year option gives lots of time to really improve the property and boost rents, etc.

The city collects greater tax dollars from my property thanks to the improvements, which benefits everyone in the city. 

I was able to write the mayor and council members and attend a meeting to show how I was committed to improving the town and why they should release it to me.

I paid $250K plus 30K capital improvement so 280K tax basis.

Please let me know if you have any suggestions on how to improve the tool. 

Take a good look at factors like vacancy rates, operating expenses, debt service and any pre-rental improvements and repairs.

For example, if you’ve budgeted $750,000 for capital expenditures, which might include renovating units, improving landscaping and new paint, etc., you can reallocate some of that money and use it for your escrow requirement.