$1mil vacation rental analysis

[John D.]

          I'm considering buying another large vacation rental in the Palm Springs area.  I'm curious, would you do this deal?  These are the ballpark numbers:

-8 bed 6 bath house on 1 acre, pool, nice grounds, etc.  Requires little/no rehab.

-$1mil purchase price.  20% down.  $50k furnishing (some included with sale) = ~$270k cash outlay including closing costs.

-PITI+maintenance+capex= ~$9k per month.

-After 6 months building some reputation, the property should gross $200k per year in vacation rents, or ~$16k per month.  After property management fees, $13k per month.

-Net operating income $4k per month, or ~$48k per year.

-That equates to 18% cash-on-cash returns.

     Thoughts?  I feel confident these numbers are +/- 20%.