First Rental - Rentor moves in on 8/1 - RATE MY DEAL

[Steve S.]

So I've finally gotten off the pot so to speak and after years of reading on real estate but investing in the stock market, I've acquired my first rental.  Here's the deets with a couple of questions at the bottom:

Purchase Price - $130,000

Appraised Value - $150,000

Down Payment - $55,000

Loan Terms - 30 year fixed at 4.125%

Monthly Rent - $1,595

Property Management Fee - 50% of 1st month and 10% monthly 

One time costs fixing the place up, etc:

- $1,500 paint labor

- $1,000 Paint supplies

- $2,500 tree removal

- $500 ancillary

- $6,100 - closing costs on note

Total costs ($11,600 + $55,000 down payment) = 66,600

QUESTIONS

1) How does this deal rate?

2) With regards to profit i will get to keep each year, I'm learning the tax rules around expenses and depreciation.  I'm going to have net cash flow of about $9,000.  How much of that would i get to keep over the next many years if I'm in the 28% tax bracket?