Do the numbers looks good for this rental in Portland Oregon?

[Emilia Marchetti]

Hello,

I have been offered an off market deal for a very nice SFH in the very hot Alberta district for $500k with 25% percent down at a 4.5% interest rate. It is rented out for $2800 a month with a 1 year lease. Not the numbers aren't quite ideal from what I have researched, they say to look for 8-12% cash on cash return, but the cash on cash return starts out around 4% but increases every year with rental increase on this property. What I am banking on is the high appreciation rate Portland has at 4.85% historically. Here is a chart I did in a calculator for the math:

Rental Property Calculator Results

Despite the low Cash on Cash return percentage. Does this still look like a good investment?  I believe it is harder to get a good cash on cash return in Portland just because it is so expensive here, but it also is a hot market. 

This would be my first purchase and am learning things on the fly, and don't really have anything to compare too, so I would like some second opinions.  :)