You just can't expect to cash flow on an initial purchase with a low down payment.

Do you factor in the 1% rule for initial asking price or for the ARV amount to predict cash flow?

Geez when a tenant initiated payment it takes a week or more for it to clear then 3 days to transfer it to my account.

In Texas, we can get a tenant out for non-payment in +-21 days at a cost of approx $150 which includes service by the Constable-Initial 3 day notice can be done by certified mail-Tenant can by an extra 5 days by appealing using a Pauper's Affidavit(State they have no money to appeal) however they have to pay one month's rent by the end of 5 days and the almost always never do-The eviction is straight forward and can be done by the owner if owned by an LLC. 

@Sacha LaCoss you don't need to waste time/money on an attorney until the Tenant initiates legal action. 99% of the time, threats of legal action are just that: threats.

This is definitely new to me, so an outside input is always appreciated before I look too far into something that may not be as beneficial as I initially expected.

Do you think it may be better just to leave them in place, wait till the previous lease is up, then initiate some kind of RUBS?

If you're planning to sink $30,000 in rehab costs into the property up-front, I'm guessing it won't qualify for a conventional loan right away, and that you'll need to initially borrow from a hard-money / portfolio / private lender at a (much) higher interest rate, and then refinance once the property qualifies for a conventional loan.Lastly, nice job being thorough in your expense itemizations. 

You just can't expect to cash flow on an initial purchase with a low down payment.

It's a single family, very close to the campus and will be use initially as student housing.