Potentially first SF rental? Advice appreciated!

[Luke M.]

Single Family would be 3 bedroom 1 bath in basement with the egress window (only 2 bd now)

Clean house, newer vinyl siding, roof is nice. 09 waterheater and 2002 furnace.

foundation looks good.

Car port on side of house fenced back yard with single car garage. nice sized yard. no sure how to rate neighborhoods, I wouldn't be afraid to walk there at night. ha

Total finished sq ft 1,022

Built 1946

Central Air

Cost Assumptions

Price $60,000

Dp $12,000

Improvement $1500 (Egress window)

Closing $2000

Total cost $64000

Cash Outlay $16000

................................................................

Financing

Dp 20%

Financing amount $48,000

Interest 4.5%??

yrs 20

Payments $303.67

................................................................

Revenues

$850 monthly

Renters take care of utilities

Annual $10,200

.............................................................

Expenses

P Tax $1513

Insurance $600

Property Management 10% ( I wouldnt do this for awhile, hoping to get enough rentals where I need to use them)

Utilities estimate $60 month x 6 months $360 (just to be safe i guess?)

$2,473.01

............................................................

NOI

10,200 - 2,473.01= 7,726.99

.............................................

Cash Flow

7,726.90 - 3,644.04 mortgage

4,082.90 Cash in Pocket

.........................................

Cap Rate

7,726.90/64,000

= 12%

....................................

Cash on Cash

4,082.90/ 16,000

= 25%

I am trying to run all the numbers using the article "Introduction to real estate investment deal analysis."

I am not sure if I am doing this correct or if i am even close. I am very new to this!

Flooring installer trying to turn real estate investor!!

Thanks for any advice! Very much appreciated!

Sorry if i forgot anything!