Buying First Rental Property Question

[Charles Price]

Hi there, I'm a first-time poster and looking to be a first-time real estate investor. 

After looking for about a year, I think I've found a property I might buy, I'm wondering if someone can poke some holes in the plan (if there are any). Or make any suggestions?

Property info:

-2 apartment home, Sale price $300 000, in Atlantic, Canada. Built in 2007, no major repairs needed in the near future. In the strongest rental neighboorhood in a metro area of ~210 000 people. No H.O.A..

- The housing market here is most likely bottomed, there has been a recession in the area in the past couple years. However, the economy has already turned around. The nominal GDP growth is estimated at ~4.3% for 2019, and the area is on target to meet that.

- Currently rents for $2300 (POU), $1400 for the main apartment, $900 for the basement

- Running my numbers I'm allowing a 5% vacancy rate, 10% to go to property management, $3100 annually for property taxes, $3000 annually for repairs, $1000 for home insurance, and 3% increases for property value and rents per year. 

- I don't think I will need a property manager, so that would boost cashflow typically by $230 a month. I also think the $3000 a year is high for repairs given the condition the house is in today. 

- Comes out to +$175 / month in cash flow if I put 20% down, with $3000 annually for repairs, and $2760 annually in property management.

- Internal Rate of return of ~15% and cap rate of 5.5%. I think these numbers are on the low side though because I've included 10% for property management, which I don't actually plan on using.  

I'd appreciate if I'd be able to get some input on whether this seems like a sound investment? Or if anyone has any comments/recommendations? 

[Charles Price]

@Trevor Scheiderer I've been looking at the numbers over the first couple years. Without the property management for the first couple years, and maybe deferring renovations and improvements, the deal would have a lot more positive cashflow to start with. The trade-off is that the management would take me time, and I'd probably do the minor repairs or improvements myself. 

I'm looking to diversify my investments away from 100 equities, so I'd be happy if I could average a 13.9%.