Not even close to your estimate.Many people estimate the following:5-10% for vacancy ($197-394)8-10% for management ($315-394)10-15% for repairs ($394-591)10% for CapEx ($394)Just right there you're at $1300-1773/month in expenses. 

After having a couple break up with me and facing this same issue, I put a clause in my lease that if one party vacates, the security deposit is resolved between the two parties, and refunded to the remaining tenant after full vacancy of both tenants.  

For rent sign in front of the propertyThis is the only way I advertise and never have any problems filling a vacancy. 

Vacancy factor in the San Fernando Valley is very low currently.

You might think, 'no way in hell am I going to pay a nonpaying tenant to leave my property', but giving them a few hundred to get out will save you big in the long term of vacancy and court costs.

Apartments were renting for $500-600, with 2 vacancies at the time.

vacancy @ 8%=     $80.00/mo.prop. mgmt. @ 10%=      $100/mo.CapEx. according to a post by Ben Leybovich = $250/mo.              

If you can house hack/rent the place for 900/month total I think you'll net $200-$250 without taking into account property management and vacancy and other things you will eventually think about.  

Long story short, it could mean you have to cycle out tenants and be ready for some lean months ahead (vacancies, non-payments, evictions). 

Very professional, quick answers to questions, good tenants, and no vacancy longer than a week.