The tenant paid so have  a  coke and a smile.

Properties simply do not sell way below replacement value on a persistent basis in a healthy market.

Also, I felt as though going to college would set me up for a lifetime of hard work where as the avenue I'm pursuing will set me up for a healthy passive income at nearly half the age most people retire.

If eating clean and regularly working out is a great way to become healthy, why isn't everyone doing it?

This budget includes $200/mo towards CapX (roof will eventually need to be done) and a healthy $250/mo towards repairs/landscaping and anything else that comes up right away.So I guess my questions are: does this sound reasonable to everyone?

The answer to that would help me personally focus on where I might focus my efforts.I agree that an alarm system would be pretty pricey - I'd probably go on amazon, find some fake security camera domes, find a couple "Smile, you're on camera" signs, and put one of each up at key entry points around the property.Side note, make sure you disclose the break-in to your end buyer once you're in escrow, in order to protect yourself.

@Alex Johnston From my experience, and having a healthy, happy, and fiscally-respectful relationship, I can say that doing the total opposite of what has been suggested to you here is what worked for me.What @Charles said is spot-on. 

Congrats at having a very healthy 403B balance at such a young age!

I would serve a Cure or Quit notice per my local laws, and then, after the "cure" period, post a notice to enter.  24 hours later, i enter and inspect the apartment to make sure the situation is resolved.If resolved (it usually is) everyone smiles and moves on, but in reality I keep a closer eye on the tenant.   

So with my mom in law, we invested a total of $150K in three short years, and with a healthy cash down, we manage to cash flow from the start.