Has all the plumbing and electrical been updated?

Place has some deferred maintenance, I could spend spend 2-3k on misc preventative things (flashing, 1 of three electrical panels is fuse panel, etc).

The home has now been vacant for so long that the electricity and water has been shut of and would take a large amount of money to reconnect.My plan with this property is to buy the ,now useless to them, property and sub-divide the rest of the land into 4 smaller properties, one containing the ready built home.

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.