Given that you find a tenant that reliably pays $1200/mo, your NOI would be $871 less the debt service of $235/mo leaves a cashflow of $636/mo.Now, all this being said, there's a lot you've left out of your numbers.

Many new investors ignore the part of the equation that is debt pay down.  

You just increased your net worth by almost 50k, get additional monthly cashflow while your tenants are paying your self eliminating debt down and you enjoy some nice tax benefits.

While I didn't quit "working," I am now all in.I recently joined a highly respected Commercial Real Estate Debt & Equity boutique firm where I am brokering commercial real estate loans for Retail, Office, Industrial/Warehouse, NNN, Medical, Mixed Use, Multifamily, Development, etc.I'm so excited to finally be in with both feet.  

Signed,Beaten down and lost10 of those pays your basic expenses15 of those replaces your current incomeWhat ever you make in RE can go directly to your savings/investments so it starts to snow ball if you keep working.I'm not stopping till I have 1000 doors with no debt.

If so,  will the $2200 cover the debt service and still give you cash flow, even without the rehab?

I ultimately would like to have large buy and hold commercial portfolio, but I would like to generate cash to be able to pay down some debt and to be able to fund such deals in the near future.

What a huge accomplishment to you have no student debt.

Once I finish paying off some debt I am planning on purchasing a second house and renting out the first.

If you can tell that it is all consumer debt, that is a good sign.