Fort Worth, TX SFR property analysis

[Edita D.]

Hey guys!
I have been looking at properties in Fort Worth, TX, and I just can't seem to find a decent investment. Maybe I am doing something wrong. Plz, double check me:

1. PROPERTY 1
SFR, in a great school neighborhood
-purchase price: 84K
-cash to close: 22.6K (seller will pay 2% towards closing costs)
-monthly rent: 1000

Expenses:
-mortgage: 305
-tax: 216
-insurance: 70
-prop mng (10%): 100
-vacancy (10%): 100
-repairs (5%): 50

monthly CASH FLOW: 160

Cap rate: 1920/84000=2% (two percent!!!!! I feel like I gotta walk away from this deal even if it's in a great school neighborhood...)

Cash on cash return: 1920/22680=8%

And this is the BEST deal I got on the market of SFR. Job situation in FW is really stable, but my numbers are AWFUL! Am I right?