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?