So $800 rent and price no more than 40k per door to get the 2% rule.So in general, you do get the 2% rule with a $750 rent wherever you can get a unit in tenantable condition for 37k.I would add that besides market value of the land, average cost of construction of new house is $150 per sqf and insurance puts replacement value at $70 per sqf.

It will cost about $500 and if you opt to get the sellers coverage you will also get coverage while the property is listed for sale.

They are very mom/pop style and couldnt really give any specifics on other expenses besides electric 30, taxes 270, water 250, so i estimated vacancy, repairs, cap ex, management, insurance, etc.

Lower taxes and insurance per unit.

But Fannie and Freddie's first time buyer programs have a much better deal on mortgage insurance. 

Contact your insurance company. 

I have it insured for $24k under an actual cash value policy.

Yes you should - always CYA, it's a business deal just like renting the whole house is, with all the inherent insurance risks, etc.  

You also need to get title insurance too. 

Can anyone recommend any good resources or rules of thumbs for coming up with a ballpark estimate for property insurance when doing a quick analysis of a rental property?