First Real Deal - check my numbers?

[Kevin Patrick]

Hello, BiggerPockets people.  I'm in Central Texas.  I want to see if my second deal looks right.  

My first deal was easy, and continues to be.  I'm a college professor, renting to college students.  I invested because there was a need and ready renters.  Buy and hold. Mobile home, new, $39k at 6% for 15 years, no down payment.  Annual rental income was $12000. Insurance, taxes, mortgage, and park fee were $8500.  Pest control and cleaning, $500.  Setting aside 5% for repairs, left me with $2400, or $200/mo.  The calculator I'm using shows a Cap Rate of 18.5% and cash-on-cash return of 40.9%.   

The new deal is a foreclosure, that I tried to buy from the deceased owner's family before it went to foreclosure, and so I'm buying from a bank at a higher cost probably.  $65000 at 6%, no down, for 15 years. $2000 closing costs.  $5000 in repairs.  Mortgage, taxes, insurance, 5% repairs, at $850/mo. Rent at $1200.  The calculator shows a cap rate of 13.7% and Cash-on-cash of 28.9%.  Less return, but more equity, and the equity means something because I'm owning the land and the house won't depreciate like a mobile home.

So, what do you think?  Good deal? Am I missing expenses that make it not such a great deal?

BTW, long term goals are buy and hold single family or duplex homes within driving distance.