@Wayne Brooks correct thanks for catching that.

And of course done correctly you get stepped up basis for tax purposes then you can sell and not pay huge gains.. although you will have to talk to CPA about recapture.. or you do what a lot of folks do and 1031.. or you just live with the comfort of knowing you have millions upon millions of free and clear real estate. your grand dad is one smart guy .. 

Your calculations seem to be correct. 5% return is not uncommon but consider all the tax benefits and appreciation of the property.

But I would love to get started the correct way.

The website, and county worker, both said that any list or listing by the county cannot be used as a part of a mailing list or as a marketing tool, and that doing so would violate both state and federal law.How then do people come up with tax delinquent lists?

@Upen Patel is correct of course regarding the LLC, so I would encourage you to ask him specific lending questions. 

Vacancy of 40% is very high other than that assuming your math is correct it doesn't look like a terrible deal.

Hello Sam,Assuming that I am reading this information correctly you are losing $17,943 after taking the depreciation out of the expenses. 

Spend time reading forums and free education here in bigger pockets and you will likely find better info and tools than they will provide.  

Debt coverage ratio is only for commercial loans correct?