I’ve spent 2k last year on various repairs including a major expense to replace the water heater, I am not overly concerned as this also contributes to the property value.

The expense factor will be dictated by your line of work. 

Currently occupied by a section 8 tenant on a year to year lease. currently paying $1805Cash flow = $800- I left out some CapEx expenses in the report, as this is a newly renovated home, but will account for everything once I dive deeper into this potential investment.

And in regard to rent they more or less guarantee that your mortgage is being paid.

Im in Coral Springs but dont invest in FL, too expensive for me.

We should have paid less, but it worked out.

Would hate for you to get to the same situation as we did where we paid hundreds for appraisal, let our bridge loan tick away for weeks leading up to refinance, and only find out this info at the end of the process where we get our rates switched on us.

Assuming that the property doesn't go up one dime in value, and assuming that it is a negative cash flow of $1000 per month from now on, 15 years later, you have a property that is completely paid off, worth $500,000.  

There seems to be less expensive properties in that area and it's a quick trip down to SLC.

If you have to pay property tax and insurance they are expenses.