At least he is the owner - so you will get an accurate answer if you ask.

Having said that, a licensed electrician should chime in for more accurate information.In general it is a great idea to learn how to do work in your rehab, even if you decide it is more economical to have it outsourced in the future.

And if so, how do you approach trying to budget accurately.

When the margins are this thin, you have to get super specific and accurate on your costs and rental and vacancy estimates. 

He did, he put $3600/yr for insurance and taxes I will update my post with more accurate numbers 

You can do 1 of two thingsEach month you can split your payment for your mortgage and report the interest portion as interest expense, and the principle portion reduces the mortgage (This gives you a more accurate month to month idea of actual tax expense) Or you can book it all one way or the other, then do 1 big adjustment at year end once you get the 1098. 

However, I notice that the FMV in your market is a lot closer to the listing and sales prices, which makes me think that the huge gap over here is just due to bureaucratic inefficiency and they'll become more accurate soon. 

Since banks will look at my mortgages but cannot count any rental income, my debt to income ratio is not accurate and my income is much lower as well according to their evaluation. 

@Nathan G. is pretty accurate on what he says .

Are your numbers and assumptions accurate?