It DOES include taxes and insurance.Your analysis seems to be missing some potential big ticket items including but not limited to:InsuranceHOA FeesRepairs ($1000 per year seems low, that's only $83 per month)Landscaping/Grounds MaintenanceProperty Management (include it even if you will self manage for the time)

We want to get back to NZ, if we are able to work for ourselves, because we miss the relaxed atmosphere, beaches, and fresh fruit.

One of the things I'm missing is a good, knowledgeable realtor to assist in vetting properties. 

Some streets are hit or miss (like the rest of MKE) but I think good tenants looking to get out of some of these other areas are looking in and around this neighborhood because of the price point and there are investors putting money into properties there.

@Steven Duck  what you describe the most likely way you would get started is simply with private money IE mom and dad aunt and uncle  good friend from child hood etc.seasoned investors would be a pretty tough go for some one with no capital and no experience.Suggestions:Now I know Minden is a small market but Reno is not... get a RE license go to work for a commercial broker ( part time if you can) and learn the business the right way.. by being around seasoned pro's who actually do deals.. on line training is hit and miss at best.. you have your rah rah buys like posted above who sell information... and you have your very experienced professionals Like @Don Konipol who give you a reality check. if you want into the business get in the business in a professional manner  sell some of these earn commissions learn as you go along then once you have put in some apprenticeship and have some experience to back up your desires you will find it much easier..

Am I missing other options?

I still miss the HP software for scans, but screw them and their overpriced junk these days!

Your first sentence is missing a word or words.

Just move on with the new tenants because they may not find the third person that qualifies to your criteria and you might miss the other tenants .

We also require them to give us a copy of all lisc and insurance information.We also realize that we live and die by having good vendors, we hold vendor appreciation parties when they all come to our office and we provide food and drinks and thank them for the hard and great work they have done.