Looking to purchase first rental property - feedback please!?

[Roderick McCleary]

Hi All -

I've been looking to purchase my first Rental property for about 6mos now. I feel like I have a decent understanding of the landscape and recently found a property that really seems to be a good fit. With 25% down payment the property should cashflow about $730/mo in profit (however I don't think it will appreciate much as time goes on). Couple of questions for the community:

1. Do I need 25% down payment for the rental property? (I already own my primary residence and this will not be a house hack strategy)
2. If I don't need 25% DP, what is the best amount of money to put as a down payment?
3. The Cash on Cash Return number comes out 15.1% (with 25% down including closing costs), thoughts on this?
4. Should I calculate the IRR? Is this a better metric to use vs a CoC? I haven't dove into the specifics of IRR yet but was curious for anyone's feedback.

Thank you in advance to anyone who takes the time to comment!

-Rod