thats great news Jess. I know am certainly going to sleep better tonight.  Says he who writing on forums at 1am.. Honestly though, good decision, its not worth the hassle.

I wish you the best with this one, its a real tough one to answer without knowing the house or area.
My only advice is to have amount allocated to contingency. 
Depending on the nature of the project, usually between 5% and 25% of the total budget. If you are renovating a relatively modern home for profit and it’s just been neglected, then you can set contingency at the lower end of the scale. It’s likely that most of your work will be decorating and re-fitting rather than major alterations. Sounds like you have quite a bit more planned for this one.  You are a braver man than I but "fortune favours the brave" so good on you. 
Sorry for being off topic. Just concerning when someone gets what seems to be such a good bargain. Hopefully it is and I hope someone has some more "on topic" answers for you.
Danno11

Firstly Jess,  Congratulations on your 1st investment property.

Please understand that I mean no offense to your tenants as they may be just the perfect tenants.
Let me say this though. All tenants are the best when you 1st get to know them. When things go wrong, no matter how small, this is when things can get sticky. you will be bombarded with stupid phone calls at all times of the day & night. I would advise you to stick with your agency, especially if they are charging only 7% and doing a good job. I am not sure what research you have done but 7% is a fantastic rate.
Another important thing to remember is if you are looking at buying further investment properties in the future a good relationship with your agent can get only be in your favour. Of course they can not give you preferencial treatment but you will be one of the 1st to know of any great properties that may come along.
Stick with an agent 100%
Dan