Looks like your closing costs are too low, typically 5% is an accurate number.Typically you should aim for properties that follow the 50% rule, which means that your expenses should be around half of your income from rents.

You want to avoid any unnecessary bad feelings with your tenant going forward.If the above is somewhat accurate, I have a question for you.

There are ways around it though; if you live in a house you buy for at least 2 years, (and this can be a multiplex, so you could rent out the other apartments) then any profit made from selling the house is not subject to capital gains tax.The hardest part to this particular process, and honestly the boat I'm in at the moment, is getting started due to lack of overhead cash.There are also the risks of the house going unsold or unrented, but that's why you don't gamble with all the money you have in the bank.

Charge the tenant as accurately as possible.

You're on the right track, 50% is a reasonable rule of thumb, however $/unit is more accurate. 

One year can not give an accurate idea of expenses.

But I am having difficulty learning how to do accurate comps.

I called my insurance company and got a quote for the lower coverage witch they went on and on about how accurate their numbers are for rebuilding, but when they finally provided a revised quote it was a few hundred dollars cheaper a year.Second, then I shopped around using my new replacement cost amount and found a company that was even a few hundred dollars cheaper than the revised quote from the company I used at the time. 

@Ashraf Martin it's a gamble on whether it's worth it or not.

In my area buying at auction is somewhat a gamble.