Finance situation and first rental property

[Sandy Tan]

Am I in a good finance position to buy a rental property? My husband and I are thinking to purchase our first rental property upstate ny for about $200k so we can have another source of passive income. Here is our numbers so far. Are we putting ourselves in risk if we purchase another house for investment now or should we wait until we get more cash on hand? 

$210k cash 

$700k house loan - in nyc $5k/month

$50k car loan -$900/month, purchased the car last July

$240k combined annual income 

We save around $2k a month after all the payments and expenses

Three kids, have to hire PM if we buy a rental property. 

Good credit 800+

Unknown factors:

Property taxes on rental property 

Months fees including maintenance, fix-ups, property management fees etc. 

tenting laws in nys 

we will only put 20% down, not sure if we can afford to have another credit line  at the moment with the numbers above or if I missed anything. Would like to hear from your experience if we should just go ahead or wait a little longer.