Newbie from Central Jersey - critique my potential 1st deal

[Phil P.]

Hello all, 

I'm a newbie from New Jersey and I've been reading up on a lot of forums here in BP, and I have to say to myself, why only now? A lot of great discussions from different perspectives, all in all great help for newbies like me trying to test the waters in REI.

Would like to share the first rental property I'm looking at: 

Indy property  - Trulia Green

Purchase Price - 71K

Closing Cost - 3k

Down Payment - 14.2k; Finance 56.8k (5% 30 years); Initial Cash Out - 17.2

Rental - 1k/mo

Vacancy - 100

Taxes - 76

Insurance - 34

Maintenance - 100

PM - 100

Cash Flow - 312

CoC - 21%

Would appreciate a critique. Go/No Go?, Too good to be true, OK deal, Run away, etc. What should I be wary about?

Thanks in advance and more power to you all