My mortgage out here with land cost less than I was paying for a studio apartment out there LOL, Georgia is really affordable but the Midwest market, in my opinion, fit the budget and the strategy that I wanted to go for, great cash flow market!

You need to have an up front reserve budget of 9 months worth of P&I payments.

You're right $2,500 was way too low but the $4,000 in repairs per unit is more of a budget for small repairs like holes in the wall, painting a room, or cleaning a unit.. things that wouldn't necessarily increase the value of the property. 

2. 3% loan interest looks aggressive, I would budget 3.5%, have you been pre-approved to get a better estimate? 

Although it will probably be out of my budget range as a beginner investor, I'll do what needs to be done to come up with the funds as I am confident that after it is renovated I will have built a considerable amount of equity in it.

I would raise your capex and repair budget probably closer to 10% each, the property looks a little older and stuff is bound to come up, especially if you aren't putting in any repairs up front.

Outline a thorough comp report that will detail the rent difference between both products, and run a simple profit analysis to see what makes more sense for you based on your budget and risk appetite. 

The lady that cuts my hair, sisters brother in-law is a car detailer and one of his employees said the guy that works on the lunch truck heard it on NPR. 

I will have a company managing my out state investments, but I want to keep track of and budget for monthly costs: vacancy, CapEx, management, utilities, repairs, insurance, P&I, etc...

so yes done all the time.I am a Tesla Fan boy having owned 3 of them.. and have the truck on order.. in our area were gas was pushing 4 bucks it helps a lot since we can charge at home at night and a full 250 miles cost us maybe 2 to 3 bucks.