$400/mo. - Good cash flow for newbie?

[Vonetta Booker]

I'm looking at various properties for my first buy & hold rental--decent, middle-of-the road neighborhood, REOs, short sales & HUDs that are in fair condition.  

Is $400/mo. after expenses a decent cash flow for one's first property? This is a 2/1 HUD going for $52k, w/ $2100 in annual taxes, potentially getting $1200/mo in rent, factoring in 10% each for monthly maintenance & capital expenses, and 8% for monthly vacancy expense.

It doesn't seem like a whole lot of cash flow, but I'd like to know what you guys think.  (I've calculated would-be properties with higher return numbers, but they tend to be in worse neighborhoods.)  Thanks!