Need help analyzing this SFH in Spokane

[Robert Silvernagel]

Hi guys, I'm new to the forums but have been listening to the BiggerPockets podcasts for the past few months in preparation for making my first investment property purchase. I'm really excited to get started with my first investment purchase, but also know how important it is to get the numbers right on the first go around, or else I set myself up for a long road ahead.

First, my backstory. I am from Seattle, WA but went to Gonzaga University for undergrad. I am a software developer by trade and am blessed to have an excellent career with a decent salary that leaves me with some disposable income that I'm hoping to put into some smart investments to generate passive income. I've also recently started investing in the stock market, and while I really enjoy that, the returns can vary greatly depending on the overall market atmosphere. I plan to continue investing in stocks but would like to diversify my investments by adding some passive real estate to the mix.

I got my first taste of the lucrative nature of real estate when the landlord I was renting my downtown Seattle condo from decided to sell, and I was able to purchase directly from him without it ever being listed on the MLS. For whatever reason he was just looking for a quick sale and sold me the condo for what he paid for it 7 years prior. I had about 50k of instant equity, and am happy to say that it has almost doubled in value in the five years since I bought it. I have been looking for an investment property (or two) primarily for cash flow, with equity being a secondary factor. Unfortunately the greater Seattle area prices are so high that I can't really find a good cash flow property, and I feel like I would be over-leveraging myself if I tried to invest in the local market. So I decided to look at the Spokane market because its drivable from Seattle and I have ties from my college days there.

My plan is to use the equity in my current property in the form of a home equity line of credit to make a cash offer on a single family home in Spokane for the purpose of generating cash flow. I'm planning to come in about 10-15% under the asking price with my cash offer. I only plan to hold the balance on the HELOC for about 6 months before getting a traditional 30 year mortgage at 80% LTV. The property is turnkey and has two tenants renting it for the next year. I'm hoping someone can take a look at these numbers to see if they make sense from a cash flow perspective. Is there anything I'm missing?

Rental Property Calculator

I'm assuming 3k for closing costs when I do decide to finance. I've also set aside $100/month for sewer/garbage/water and plan to have the tenant cover electricity. I'm allocating $900/year in repairs, although that estimate might be a little low since the home is about 100 years old. I will definitely do an inspection and adjust the offer based on any major issues identified. 

What do you guys think? Thanks in advance for any advice for a first time investor!