How does this investment sound?

[Nicki A.]

I am looking at investing in a townhouse right by my city's university (walking distance). It is 2 bed 2.5 bath and has already been updated with granite in kitchen and half bath and composite wood floors and tile throughout main living areas. Carpet in bedrooms and bathrooms still have laminate counters. the cost is 120,000 and the rent should be around 1200 (we will go with 1200 for ease but I feel I can get 1250 because of the improvements already in the home). My numbers look like:

Gross: 1200 

Operation expenses budget: vacancy 60 - management (done by me but budgeted in case I need to hire a PM) 120 - taxes 110 - insurance 60 - est maintenance 75

NOI: 660

Financing: ~550

Capital Expense Reserve savings: 50 (only responsible for HVAC and internal plumbing)

Cash Flow: ~60

Considering I plan to manage the property myself and the townhouse is in excellent shape I may cash flow the management and some of the maintenance costs on good months. 

Let me know your thoughts. This will be my first investment property and I am worried I am going about this wrong.