50% rule = 70% rule for me?

[Zachary Wolz]

I live in south Florida and would like to build a portfolio of rentals down here before venturing out of state so I can have experience with the business before trying to do it absentee.
While trying to tweak the 50% rule for my area (taxes and insurance are higher) I noticed how hard it will be to meet. Please check my math.

Taxes =2% of appraised value
Insurance on the safe side is 2% of replacement cost

Typical 3/2/garage in Broward and Palm Beach counties in a working class neighborhood will safely fetch $1500 now, maybe lower soon. The market value currently is $200,000+ and dropping. The county assesed value would be about $170,000. Lets say replacement value is $150,000

This puts taxes at 19% of rent and insurance at 16.6%. Plus the standard of 8% for vacancy and 8% for managment gives me 51.6%. I know maitainence should be 10% plus legal fees and south Florida seems to need a 70% rule. Leaving $61000 at 8% intrest to purchase and fix up the house. $47,000 if I want $100 cash flow.

I am starting to think SFR in my area are not the way to go unless you stumble on the sweet deal.

I woul dlike to have someone break down their 50% rule for the precentage that they pay for tax, insurance, maintainence, legal, blah blah blah. MikeOH, what is your break down?

Thanks you all,
Zach