Help me with a reality check on an existing property.

[Dmitri K.]

I've acquired a few properties in Cleveland in the past year, and at this point i am starting to worry that maybe i am pushing too hard or doing something dumb. So, i am not exactly in the $30k category that Ben Leybovich described in his post, but i am close.

I would appreciate an advice and analysis of my first deal: 

So i bought a SFH 1,200+ sq/f in the Kamms corner area of Cleveland.

Purchase price: $43,000 (cash)

Closing costs: ~$2500

Rehab: $15,000

Rent: $1250 a month.

Prop management: 10%

Cap Ex. 10% (at this point it's assumed, i have not yet had to do anything)

Insurance: $50/month

Taxes: $200/month

After a 6 moths holding period I cash out refinanced the house and pulled $53,000 of equity.

At this point i have about 7-8k of my cash in the house. 

Mortgage payment(including taxes and insurance) are $520 a month.

What do you guys think?

My other homes look more or less the same.

Thank you!