NEWBIE QUESTION! Preappoved by my bank?!

[Matt Stevi]

Hey all, quick question from a newbie. 

Just as reference: I am brand new to this, never done a deal, and don't have a lot of my own money to get started!

Chase Bank sent me a notification basically saying "hooray you're preapproved for a 75k home loan". I didn't apply for this pre-approval, it just came to me. I know that the actual terms of this loan would be probably be different if I pursued it, but it also told me that they'd want only 10% down and interest rate would be 4.375% for 30 years. Having just finished David Greene's book on Long Distance Real Estate Investing, this intrigues me. I'm inclined now to start researching markets where I can find a house for 75k or less, which means only having to put in $7,500 (or less) of my own money. I plugged in all these numbers (PMI, mortgage, insurance, vacancy, cap ex, property management, etc. - all the numbers the calculator asks for) into the Rental Property calculator on here and the numbers came out good (let's assume the numbers I used were good too).

What am I missing / not considering yet? Or better said, what other questions should I be asking?

Thank you!