Would really appreciate feedback on this property

[Muhammad Afzal]

My parents want to move to a bigger house to accommodate our needs in the next year or two as our family is growing. Rather than selling the current house, I have been thinking of alternate ways to make use of this property to generate a side income stream. 

Here is where it gets a little tricky. From my initial analysis, I don't think the it would make much sense primarily because the property tax to rent ratio is too high to generate a healthy cash flow. I would like to get others opinions on this. 

This house is located in South Jersey area. 3BD, 2BTH, FB

• 1382 sq ft living area. 7000 sq ft lot.
• Mortgage balance remaining is $112k 
• Monthly payment: $1250 (PITI)
• 2019 property taxes alone were $7000

The going market for similar property is 1600-1800. Based on a rent of 1650, cash flow would be just below $900 for the first year after taking out 20% of the gross rent for expenses/maintenance. This would increase over time, but is this starting cash flow worth the headache that we hear so much about for landlords? 

Forecasting 10 years: expenses set aside for be approx. $40,000 (whether that gets used or much it gets used would be up to me) and cash flow accumulated would be approx. $17,000.