I am pulling the trigger on a much larger complex, though, and the depreciation expense is substantial.

Set aside for Cap Ex expenses and a reserve to support rental loss. 

Without getting into all of the details, it's an expensive proposition for a small duplex.Although seemingly better suited for large properties, I looked into a submetering system as an alternative.  

I did not have Flood Insurance, foolishly thinking my hurricane policy would cover this type of hurricane related damage (learned my lesson) I'm looking at expensive repairs and possibly a home that my tenant can no longer stay in (they evacuated for the storm as did I) which would be a loss of rental income for the foreseeable future, on top of uninsured repairs.

Buying a house is expensive and requires a buyer to come up with cash for the sales price or a percentage of the sales price.

They are very flexible and very expensive. 2% a month in my line of business is nothing.

After deducting all expenses, including the time you spend managing / cleaning / repairing / etc., are you making more money than you would as a long-term rental?

I'm just starting off and these leads are expensive for me!

I am not sure about your area but around me it is not a common expense that a tenant would pay, so would love to know the reactions the tenants have and if you experience higher vacancies. thanks 

As a percentage your math is probably right but with a less expensive property I think you need to skew the percentages up.