Looking for Advice

[Jason Jones]

Hello,

I am looking for a bit of advice as I prepare to buy my first investment property within the next 6-12 months. I have been looking for properties in Kansas (Wichita and Kansas City) because they seemed to be profitable for renting.

Let me lay out an example property that I am looking at to see if my logic is sound.

Property: $42,000 3br/2bath 1104sqft in Wichita
http://www.zillow.com/homedetails/1224-W-Dooley-St-Wichita-KS-67213/77366358_zpid/

24% down = $10,800, 30-yr at $145/month
The rental range in the area is $531-783/month

RENT: $531/month
TAXES: $43/month
MORTGAGE: $145/month
INSURANCE: $73/month
PROPERTY MANAGEMENT: $45/month
-------------------------------------------------
INCOME: $225/month

I was planning on adding an additional $50/month to the mortgage payment.

The rest of the income I would save for any home maintenance.

Is this correct thinking, and would this be a good investment?

Thank you,
Jason