So if rent is $1,000 per month, then repairs I estimate per month at 100$ per month, capital expenditures are $50 per month. 

Capital Expenditures (CapEx)  [website article]Cash-Flow and Rates of Return  [podcast episode #5]Continued success!

As I am accounting for vacancy, capital expenditures and repairs, I have read to use around 5% for each.I am not sure where the 5% comes from.

As far as timing goes, probate petitions usually aren't filed right after the burial but more like months later. 

Will I be able to rent a property out for enough money that I am able to pay the mortgage, taxes, insurance, property management, utilities, capital expenditures, repairs, etc and still make a profit every month?

As impoverished people leave the city and middle/upper class move into the city, the city's required expenditures decline and the city's tax revenue increases.  

It ranges from netting $5k/yr. or so to breaking even, depending on expenditures.  

If you decide it's worth it considering your market / predicted rent / renters then I would do some research to cost it out and/or get quotes and factor that in as either an immediate repair cost or a future capital expenditure. 

The biggest point of caution investors need to look out for in the lower end markets for cash flow is the capital expenditure plan.  

But toddler logic and capital expenditures like real estate are a very dangerous combination!