First rental deal analysis, tight deal in Plano, TX

[Joseph Calvano]

I just put an offer in on home that I am looking to hold and rent out and wanted to hear some feedback. For those familiar with the area and market it is a section of Plano a few blocks from downtown that is not exactly a great area. I am hoping for the area to turn a bit being that its location is prime to major highways and amenities. While not planning for appreciation in my numbers, I think it can do well over the next 10 years to increase in value.  

Ok, so to the deal. It is a single family 3br 2b built in 2006, 1388 sqf. Most houses on the block are old, built in the 50's and 60's. There are only a few that were tar down rebuilds like this one so finding good comps were difficult. The offer Purchase price is $150k, looking to get for $145k, market is probably around $155k. The home had a new roof last year and everything else is original to the time it was built. It needs no updates and is basically move in ready. Looking to get $1500 in rent, but conservatively estimated about $1450 in my analysis. Being new and conservative I put in cap ex to replace AC and Water heater within next 3 years ($1500 cap ex, $500 maintenance per year.) 

I will purchase for cash using my HELOC at about 2% and hold in there for next 10 months then look to refinance at a 30 year note with roughly 30% down. I will try managing myself but if I add in a PM my numbers get under the $150 per month cash flow, making it tight.

Being new I want to make sure I don't get myself into more work I can handle. I have a full time job that is hourly flexible but sales demanding. If managing myself what sort of tips for background checks, rent collection, legal advice should I line up? No LLC but looking to get extra liability insurance on my own home policy as well as a renters policy on the home to cover my six. What am I missing?