Rental income                   $ 54,000.00Property insurance              $ 1,700.00Management Fee                 $ 2,656.00Real estate taxes                $ 6,904.00Repairs & Maint                  $ 2,000.00Lawn & snow removal         $ 1,600.00Trash removal                      $ 831.00Gas & electric                      $ 2,400.00Water                                    $5,584.00These are the expenses I came up with. 

I would expect the tenant to pay gas and electric and trash and water.

The "Handyman" depends on what you do, you can probably hang a new door, paint the place, hang ceiling fans, but you can't get into trades that are regulated, electrical, plumbing, major construction where permits may be needed......generally.

Otherwise you could be looking at paying around 50% of your rental income in expenses such as water, sewer, electricity, gas or oil, trash, and property maintenance, as well as insurance and that hefty tax bill. 

Gas and electric are metered separately.

But he said the electric and gas service were still in place and the property looked in okay condition.

If you are doing plumbing or electrical then definitely will need a permit.

This includes fire calking or collaring all plumbing, electrical and HVAC runs which transition between spaces.  

I also have an excellent GC as well as an investor client (I'm an agent) who I've become good friends with that is helping me with this project.As a selling point for the investors, I offered to escrow 6 months taxes, insurance and interest payments at closing as I think this should cover me for the time to complete the rehab.I'm planning on gut rehabbing the property (kitchens, bathrooms, electrical, plumbing, new gas boiler, insulation, roof, windows, flooring) and renting it to section 8 tenants in my area.

Taxes.. about $8k a year. all tenants would pay there own electric / heat .. so even if I put HALF of that away every month.. for taxes and repairs etc..