Cant pull the trigger. should I?

[Chris Allen]

Ok well im on the edge of putting in an offer on a property thats a couple streets down from my house,great neighborhood lakes and such great schools etc. 3bed 2 bath built in 01 about 1400sqf from what a have seen needs very min work -1-2k carpet/paint. there asking 70k property values are dropping like crazy here. i figure this and please correct me if im wrong.
on 60k purchase
276 mortage with 10k down at 5.25 30yr
154 taxes monthly 1854 yearly
40 insurance
100 misc repairs etc
i checked the rent on all houses in the neighborhood there 1200-1500 so im guessing 1000k worst case for me and 1200 good
cash flow at 430 month 5160 year.

now ive read about 10 rental/investment real estate books read on here alot etc. i have about 22k cash saved the problem is im simple scared, what if it doesnt work? i also am about half done rehabbing my own home bought a forclosure and so there is repairs there that will need my time/money/labor and i work full time, but i keep thinking i should save more/study/research more but then again im thinking just do something nothing will ever happen if i dont just get out there and actually START. this will be my first rental so itll need to work. a little inside about me im very careful with my money and try to figure everything out, i live well below my means so even if it was vacant i could afford the carring costs. please any and all advice is welcome. thanks guys chris