At those price points though, the properties are going to be pretty rough, as will the tenants. 

I am in downtown Buffalo, NY with a 70k job, no debt of any kind, 720 Credit Score, and roughly $12,000 available for initial downpayment and closing costs and am pre-qualified for houses up to $350,000. 

What I typically do is measure sqft of tops and multiply by 35 in order to give me a rough estimate. 

That should cover you while you make any necessary repairs / upgrades, remove any problematic tenants, and cycle out underpaying tenants.You can find tax information online, and you should be able to estimate utilities based on your own home (cut a SFH utilities in half for a rough number).

I plan on purchasing it from him for roughly the same as what he paid for it.What if I have him rehab the property, then buy it directly from him using a conventional loan?  

Ok BP, I have roughly 40 properties that I would like to sell.

Also looking for recommendations on a strong property management company if the deal goes through.Can an experienced landlord in the area provide a few rough numbers for me to continue the analysis on the property?

I had to put down roughly $20K including closing costs.

And... in older areas of Phoenix, Tempe and Scottsdale, with emerging neighborhoods, revitalization and gentrification, there can be a house worth $120k sitting next door to a freshly rehabbed house worth $300k-$400k......with the investor buying the $120k house and a family buying the other.Another reason renters aren't buying the cheaper houses is because those houses are in such rough shape they're barely livable...and buyers these days expect to find cheap yet renovated houses that look like they belong on HGTV...unrealistic expectation!

The area is all boxy, mid-1980's roughly identical fourplexes.