It gives me great cash flow which I plan on saving for any repairs that need done that may arise within the next few years.

like the replacement reserve number I have or strictly repairs?

The ARV should be around $160k to be safe and needs around $25k in repairs.

The original plan was for me to take out a loan for $160-190k to pay off the HELOC and pay for some repairs and upgrades; this would result in a monthly mortgage payment of ~$950/month.

Personally, I would want at least 6 months of cash reserves with a minimum of 10% of the rent budgeted to further build my repairs/CAPEX reserves. 

For vacancies and repairs how much in reserves should I have for a rental and an owner occupied house?

Required repairs?

And if that is the case that there is a leak between the meter and the house, that is my responsibility to repair, correct?

Keep your price low, but value high (fast payment, moving trucks, no repairs, paperwork, etc..)

Section 8 inspects your properties for free and lets you know if repairs are needed.