It was pretty far away and I didn't want to make my realtor drive even further than I had to just to look for 5 min.

I believe for your first investment property you should look into using the Master Lease Option method, it has the least amount of risks as there is no down payment and and you can essentially "test drive" the property before deciding whether or not to buy it.

For instance, I used to listen to DAve Ramsey who says to drive a beater...So I followed his advice and at one point I had to put 8K into that beater.

I want to be able to figure out what a unit will rent for and from looking at numbers it seems the rental price is the biggest factor for ROI.

As it pertains to PM, you will want to factor in the cost of management whether you intend to manage the property yourself or not.

I don't have a whole lot of money to invest but i have the drive and lots of time!

Size is not a factor it is the approach to the business that differentiates Professional from Hobby.For any one that does not like the reference to Hobby all you need to do is adopt a professional approach to the business and in dealing with tenants on a non personal level.

Sounds like the property is not under contract just yet, so at the point, I would focus on getting it under contract (you already know your worse case scenario by paying the seller's offer) once under contract,  you may discover other things during due diligence that will drive the price down.   

Read Bigger Pockets’ Finding and Funding Deals by Anson Young.There are many ways like pulling lists from Listsource.com or Driving For Dollars 😉

We use small community banks for our lending so its not convenient for most of our tenants to drive to those banks.