Single Family Unit Feedback-Am I doing this right?

[Jerrmarco Rhodes]

I'm just starting out and I want to know if I'm doing this correctly and I would like feedback on a SFR condo in Kissimmee, Florida near Disney World. The purchase price is $68,500 with a 15% Cap Rate. The owner has the choice to rent it out yearly which would bring in a NOI of $10,275. The other choice would be to rent it out daily, weekly, or monthly from $89-$119. I don't know if there are any HOA fees involved but I think that If I choose to rent it out daily at a rate of at least $100 per night to tourists visiting Disney World, that would bring in a yearly gross income of $36,000 per year which would bring in a NOI of $18,000(50% Rule). And my mortgage payment would be $364.59/month (30 Yr @ 7%) which would leave me with a cash flow of $1135.41/month or $13,624.92.

Am I doing this correctly or did I forget something Or is the mortgage too small or too big of a debt for this property? Thank you very much in advance for your help.