Buying a house I like, leasing it, living in it 10 years later

[George Lukyanchuk]

Hi everyone! 

I've found a house that I like, in the area that's growing somewhat fast, and is walkable distance to major employers (around 20,000 jobs averaging $100,000 per year), it costs around $280,000. I don't plan to live in the area in the near future, but there is a chance I might in 5-10 years. 

I'd like to get an investment mortgage with 20% down on the property and rent it out, i.e. have the renters pay my mortgage basically. 

Median rent has been $1600 per month while median price is $260,000. The house I'm looking at has 2,800 square feet though so it's on a larger end of things.

I figured to try to rent for $1800-2000 per month, with 10% vacancy rate, 10% for repairs and expenses, I'm breaking even at that point.

Is there anything I should take into consideration? Please share your thoughts. 

Thank you!
 

[Aaron K.]

Vacancy seems high, have you accounted for property taxes, insurance, and management, not just repairs?