It needs about 30k of work, can probably make at least 50k on the back end (not including interest from loan) so lets say 25-35k with minimal work.

It is written by attorneys and includes the law, not just opinion.

Fence repair, yard repair and mowing when its empty, siding and all exterior coverage, and it includes your insurance.  

If you can, itemize what you can- Does this include repairs from an inspection, or just what you can see? 

Extended periods of intense work can have negative effects on your productivity, including burnout.

If you can make a little extra of the financing thats great, but it doesn't make sense to me to include it in the valuation a property.

I will assume your cash flow projections are good and include cap ex, maintenance, vacancies, PM fees, miscellaneous, etc.Selling gets you virtually $0 so in effect you have $0 invested. 

Numbers that I'd be interested in seeing over time include: number of these built in your area you're evaluating, the vacancy rate, and how many units have been abandoned (in current state but also over time). 

I was in the Army, and in from Texas, and I have about 30K saved up and had the real estate itch at this point so I decided to buy a home and investment (house hacking) and I don't regret it at all.For you just some key things I would point out is that Texas is an awesome state for veterans in many ways including real estate.

As for over-leveraging, so long as you retain around 30%+ equity in properties whose rent more than covers all expenses (including up to 70% LTV), would you really (need to) worry about that level of debt?