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. 

Looking for advice on landlord insurance - actual cash value vs replacement cost.

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?   

So you are essentially looking at 1500 a unit for a 3bd- 1200 a year for insurance seems low, to be honest- unless you got a quote for this prop 2160 a year seems low for taxes 1200 for lawn/snow a year is high... this winter was bad, and it also depends on if you have a driveway etc or just street parking Closing costs- you can get a good faith estimate from your lender- they may be a bit higher Also, you want to consider if you would be inheriting tenants.. or if they are way below market rent, 

What I call "an emergency" is something along the lines of a family member/close friend who was just in a serious auto accident and is undergoing life saving surgery.