Add about 30% from $1700 of property management, capital expenditure reserves, and vacancy expense, now you are at about $1930 in total expenses per month, net cash flow of -$200.You can decide to manage your self and then you are break even.It not a bad deal but you should ask yourself is there a place you can get a better return on your investment.

Your expenses should include setting aside 30 - 50% of the rent every month for vacancies, maintenance, capital expenditures, taxes, insurance, etc.How To Calculate Cash Flow 

You would want to have cash for:-Purchase Price-Closing Costs-Capital Expenditures-1 Year of Insurance Premium-1 Year of Property TaxesI can give a more specific answer if you have a breakdown of your acquisition costs, planned CapX, and short-term business plan. 

These kinds of expenditures will eviscerate your budgeted CapEx unless they were replaced very recently.

My focus is to find out gross rents, asking price, and major capital expenditures in the short and long term.

I say go for it. 1) See if you can get seller financing which is a win-win for you and the seller. 2) Keep everything the same for 6 - 12 months so that you can learn the property, regulations, tenants, etc. and then make changes. 3) Use the first 6 - 12 months of cash flow to build cash reserves for the big capex expenses that are coming. 4) Ask the seller for a list of capital expenditures over the past 10 years.

That's not including property Management vacancy repairs capital expenditures , or go with a two-family and live in the basement for the same 750 I am currently paying in the apartment that I'm renting except I would have my own apartment instead of sharing a room .

After considering PITI, cap. expenditures, repairs, vacancy, we were shooting for $250/mo net, which is achievable, but based on our appraisal, we can take out alot more money and have a zero net.

I would take some time and calculate whether the warranty is cheaper than your separate "savings" from your rental income allocated to cover capital expenditures.

The few items I see that you (maybe) missed were capital expenditures (CapEx), Lawn/Snow care expenses, and $1,500 for maintenance might be kind of lite if the property is older/not updated.