[Time sensitive] Advice on first rental property in Orlando?

[Sam O'Brien]

Hi BP community, my offer was recently accepted on a SFH in Orlando and I would appreciate your thoughts / feedback on the financials to see if I should move forward. This would be my first rental property. I have until Friday to decide how to proceed without penalty.

A few more details -- I live out of state but grew up in Orlando and know the area well. I'd really like to invest in my first rental property in order to diversify my net worth. As many are alluding to, the Florida market has exploded in recent years I've been finding it difficult to find strong cash flow. My goal is to hold this house for 7-10 years then sell it and either use the proceeds for the down payment of my primary residence, or continue acquiring properties. 

I'd like to commit to the central Florida SFH strategy but not sure if the numbers are supporting this.

Below are my calculations -- what are your thoughts? The cash flow is obviously not good but the overall returns are still strong based on growth in the area? Am I being too optimistic? Thanks in advance!

Purchase price: 315,000 (putting 20% down payment)

Interest rate: 5.25% ARM (anyone have a strong view for / against these?)