Show me what I did wrong

[Nathan Patterson]

Hello Bigger Pockets, I'm looking for my first deal but before I jump into something I want to get better at analysis of properties. So here is what I got for a 1,218 sq. ft. home in Mississippi. Its 3 bed 2 bath, on .34 acres built in 1963. It needs new central air, exterior paint, irrigation of the back yard, it floods in bad rain. Foundation is sound, new cabinets/stove/etc in the kitchen.  Possibly an upgraded vanity in the bathrooms but those aren't necessary.  Here are the numbers that I have come across.  

Cost: $43,000 (foreclosure) 20% down payment: 8,600

Closing Costs:  not sure 

Repairs: $10,000-15,000

Yearly expenses: 

(I got these from Zillow since I wasn't sure how to estimate tax/payment etc.  County tax rate is not available online.)  

principal: 960  Interest: 960 Taxes: 516 Insurance: 804 

Property Management, Repairs/Maintenance, Capital Expense, Vacancy rate: 840 yearly each.  Figuring each at 10% of the rental income. 

Rental Income: 8400 a year at 700 a month.  This is low for the area.  Could be increased another 50-100 a month.  

NOI: 4236

COC: 5.6%

ROI: 2.4%

Cap Rate: 10%

Cash Flow: $1044

Does any of this sound correct?  Am I missing anything?  I'm not planning on buying this place, just trying to get the hang on analyzing properties right now.  Thanks for any help.