Running the numbers on renting out my condof

[Gregory Morris]

Hi BP friends, 

I have been trying to figure out a plan to keep and rent my condo after I move into a new house. The numbers seem realistic enough to work but would love some advice as this is my first dive into the rental market. 

A little about me:

I live in Juneau, Alaska in a desirable 1 bedroom condo and am going to buy a house with the help of equity accrued (about $60k). My current condo that I would like to keep and rent out is worth $100k and would rent for $1300 and is allowed to be a rental. We have a high rate of renters in our market due to the need for rentals from Coast Gaurd and government officials, seasonal workers, etc, and the lack of space (downtown Juneau is built on the edge of a mountain next to an ocean channel. Salmon jump in front of the window, Eagles fight, whales mozy on by, it rains 300 days or so). 

I used the BP property analysis and found that I would clear $280 a month with a 30-year mortgage at $20k down. A breakdown of the analysis is at the bottom of the post for anyone interested. 

I am a very handy guy (residential construction worker, mechanic, welder, B.S. in supply and logistics) and feel like I have the want and energy to be a landlord and self-manage at least my first few properties. Based on my fiance' and I wanted a second revenue stream, we have a goal of buying 1 property a year for the foreseeable future to generate cash flow and eventually sell properties to purchase more desirable properties.  

I have a few questions and would appreciate any help. The first is does this seem like an ok deal? Should I maybe consider a 20 yr loan? The second is regarding financing. The condo is financed through my fiance's mom, so I need to find a way to pull the equity out of the house and pay down the remaining loan with her mother in order to use that equity for our new house and then purchase the condo from her at 20% down (or less, why not?). I am pre-approved for a new home and am saving for the downpayment of our future rental property. 

Well, thanks for reading. I have been lurking around BP for a while and am excited to see what you cook up.