There are many other factors to consider- looks like you haven't factored in Vacancy, repairs, CapEx, Property Management fees (once you move out as primary residence- unless you're willing to manage it yourself) which eats into your overall cost of Investment/ownership- from the numbers you gave it seems like you'd be at a negative cash flow if you factor all these in.

HOA $255 monthly (covers water, outside landscaping and roof repairs).

Add to that the costs associated with TI's and Repairs and you're usually talking about non-inconsequential amounts of money (for most).My first deal was a purchase for 585k and in total, I had to come up with ~300k cash in Downpayments, TIs, and Repairs.

It would be for a property that has been on market for 300+ days and is in need of some hefty repairs, so there is not much competition and a high barrier to entry.

@Brian FooteHiIt's going to be hard to say precisely without knowledge of your market however those rent numbers are pretty good if I'm seeing the $1600+ for what you're getting into the property for.The 'gotchas' that I see that I'd want you to really be comfortable with would be that repair cost number - this would have to be a pretty light rehab where you're maybe doing a facelift, etc. 

The formula(s) would look like:Potential Gross Income (PGI)  = full rents + any other income at 100% occupancyminus Vacancy & Collection Losses (8-10%) is typically usedequals your Effective Gross Income (EGI)Then you subtract your operating expenses (taxes, insurance, management & legal fees, repairs, utilities, lawn service, pest control, etc., and a reserve for capex) to get your Net Operating Income (NOI)From your calculated NOI, you can really start digging deep:Subtract your debt service from your NOI to get your cash flowDivide your NOI by the acquisition cost to get your cap rateTake your NOI, add the reserve for capex back in, then subtract your mortgage interest, to get your taxable incomeDivide your NOI by your debt service to get your debt coverage ratio (tells you how many times will your NOI will cover your debt/mortgage payment).

With respect to the rental - if it is inhabitable, advertise it for rent before you do any repairs or maintenance.

Any advice on repairs (rotorooter?)

I put away $300/mo for repairs, vacancies and tenant turnovers totaling $1717.

How can I find out what percentages I should use for vacancies, repairs, capital expenses, etc.