Is this a good rental property?

[Mica Moore]

I have acquired my 1st rental property! I'm wondering if this is a good deal & if the numbers are profitable or if I should invest somewhere else?

It's a single family house. 3/2/2 1000SF. Bought for $160K cash, so no mortgage. In South TX, outside of San Antonio (so high taxes and insurance).

Monthly numbers: 

Income: Rents for $1600 per month ( 1% rule check ✔)

Expenses: PM fee $160, Taxes $333, Insurance $167, no other expenses unless I have to repair something or have a vacancy -- which so far I haven't had. How much would I budget for those?

I just put the net proceeds in a savings account and don't touch it -- so that if I do need to make repairs,  I have the money. After I have $10K saved I will start taking draws. 

[Nathan Gesner]

You should have split your money up and bought multiple properties. It increases the speed of building wealth, gives you tax deductions for mortgage interest, and other benefits.

If you buy one house for $160,000 then you only control $160,000.

If you put down $40,000 then you could buy four houses and you would control $640,000.

If the market increases 2% per year, in five years the one house would gain $16,652. If you had four houses, you would gain $66,608 in value.

There are so many more benefits to leveraging. I highly recommend you read some books on real estate investing to grasp this concept and accelerate your growth.