Yes, your numbers say you will make $160 per month but this $1,900 per year will be easily eaten up when the tenant moves, it is vacant, you need to make repairs and make ready.

If they are professional, they can explain this quickly and easily.

I want insurance for a real and somewhat significant loss, not something that I can otherwise cover relatively easily.

It is rare to not find unexpected items and/or increased costs during renovation so $45k could easily turn into $55k.  

You can find a deal and easily find the money, you can't find money and easily find the deal 

If they are professional, they can explain this quickly and easily.

You're always going to find someone that did better, so you can't let that dissuade you from picking up good deals for yourself.To play devil's advocate:- If you have a bad tenant that does some real damage, it could easily take several year's of your projected profit to pay for. 

Should I be looking to move and invest in more of a central city such as Charlotte (leaning towards this), or could I just as easily look into a coastal city such as Charleston or Wilmington?

If renovations are $40,000 (bathrooms, kitchens, roof, HVAC, water heater, paint, carpet/flooring can easily surpass 40K), your under water.Stephanie

If they are professional, they can explain this quickly and easily.