Practicing my property analysis...can you check my work?

[Stanley J Okazaki]

I suck at numbers, so I made up some for a hypothetical subject-to deal to sharpen up. Can you experienced investors please critique my work? My hypothetical plan is to take over the loan> get a tenant in> cashflow

Sellers loan terms 

• P.P. $200,000 
• Loan Amount $180,000 (20% DP) 
• 5% interest for 30 years.

Property Data

• Current Market Value $200,000
• Tax Assessed Value $174,390
• Tax Rate 2.3%
• Current Market Rents $1500

Seller made first 5 years of payments (The amount paid off in these 5 years shouldn't factor into my cash flow calculations, correct?)

My Calculations

P&I - $966 Monthly 

Taxes - $334.24

Insurance - $80 (I've read to figure $35 for every $100,000?)

$966 + 334.24 + $80 = $1380.24 (PITI) Monthly

Market Rent $1500 (-)  Monthly Mortgage $1380.24 = $119.76 (potential cash flow) not including vacancy factor, repairs, capex, hoa fees, additional flood insurance. 

Verdict:  NO DEAL