SFR in AZ

[Katy C.]

Hey BP world, looking for some advice / criticism / validation / whatever. 

I currently have a SFR in Gilbert, AZ that has a great property manager, solid renters, and although it wouldn't meet the income parameters a bunch of people on this site strive for, it works for us. I lived in that house for 4 years prior to it becoming a rental property, so it wasn't scrutinized in the same way as a new rental property would be. Basically any positive cash flow meant we kept it, and if that changes, we will sell.

Now we're looking to invest in another. 

Purchase Price (max): $199,000
PITI (after 20% down): $981/month
Estimated Rent: $1450/month
Vacancy est. @7%
Repairs/Maintenance (none needed immediately) est. @1% of purchase price/year
HOA is $80/month
PM fee is 8%

Clearly there is not a huge amount of positive cash flow month to month. However, it's a market that we're comfortable with, great schools, and high-quality long-term renters are common. Our goal for REI is not necessarily income replacement, but more for future planning (retirement is still 30 years away for us).

Your thoughts?