A condo would be a different story though.In any case, it seems like a great deal...have you accounted for maintenance, vacancy, property tax, insurance and management?

My insurance is 300/300 to conform to my umbrella policy so yours should be same or less.

My mortgage is 2,000 including insurance, taxes.

I found a good deal that I can move on, and would like to approach the home owner prior to the auction and possibly make them some money as well.I Found the owner, the tax information, searched the property, done comps(well working them now) and in a few days I'll do a complete Title History and Chain of Title and if necessary buy Title Insurance.

Every landlord should make it a policy to not only evict bad tenants but also follow through with small claims. 

That includes (but not limited to) Mortgage payments, Taxes, Insurance, Utilities, HOA fees, etc. that occur during the Rehab phase and up until the property is fully rented.3. 

Adding in guesses for annual tax/insurance at 5k a piece and a 4% interest rate, the total monthly payment comes to around $2,450. 

I work pretty closely with an insurance group now, but I would still be happy to connect to see how we can benefit each other down the road!

As an extreme example to prove my point, lets say you borrow $1 million on a property producing $10,000 in monthly gross rent with the following terms:conventional  residential- 4.5% for 30 years: monthly payment = $5067commercial 6.5% for 15 years: monthly payment = $8,711Keep in mind, this property, even in a modestly expensive state has taxes of 10% and insurance at 5%.

Once you factor in taxes of $475/mo and insurance at $115/mo, your total monthly payments will be $1610 and that's before the other expenses that you mentioned.