Is this a good first time investment (South Florida)

[Samantha Loomis]

Town House cost: 220k, 3/2, walk in closet in the master. Master is a "loft" style and open on the second floor. I've rented in this property myself for about three years and thinking of buying it to then rent out. About 1200 SF

Rent: 2,300

FULLY rehabbed and gorgeous, white kitchen, white granite countertops, bathrooms all white and granite. Beautiful and modern.

Neighborhood is a B-....Not a bad townhome neighborhood, but it's a lot older. Not very transient which I feel is good. Some neighbors have lived here for 30 years. Well maintained by HOA.

I would be doing a conventional loan

HOA: 375/ month

Taxes: about 3800/yr

When I did the cocROI I was calculating about 12% - including all cap ex, insurance, and HOA, and all other expenses.

The reason I am asking if this is a good deal is because in the next year or so I want to invest about 150k to start growing my passive income and ideally have 7-10k a month in cashflow from that investment over time. I'm wondering if these numbers are aligned with that goal and if this would be a good FIRST property to purchase. 

I'm also wondering if people first getting into real estate use their cash flow, or if it's better to save the cash flow and use to reinvest.