The numbers tell me I will make ~600 per month including all the expenses on maintenance, vacancy, etc.

@Kyle Wenger I used laminate wood flooring for years but have switched over to vinyl plank flooring.  

Per 2015 Landlord Tenant Handbook, rent control also applies to the following:"Residential rental units covered by the RSO include: apartments, condominiums, town homes, duplexes, mobile homes, mobile home pads, and rooms in a hotel, motel, rooming house or boarding house occupied by the same tenant for thirty (30) or more consecutive days."

Not so much 1,000 cash flow (I also assume you are talking about actual net income after expenses, including ongoing repairs, management, replacements).

Does it include CE classes? 

RBC will only lend if you have no more than 5 mortgages (including the one you are trying to finance).If you need to go commercial for a small multi (say 6 - 12 units) which is <1-2M in valuation, I would stay away from the Big-5 and approach your local credit union.

I just increase my rents by $50 and say water is included, job done.

I know it will need the front yard rehabbed and paint inside, maybe replace carpets or wood flooring.

I think Millenials, my generation, have a different mind-set when it comes to a lot of things, including investing.  

@Chase Gochnauer Definitely do not include depreciation expense in your valuation.