Please help me analyze my first rental property

[Christopher Cordero]

Hoping someone else could check my numbers and give me some insights on whether this is a good deal or not.

House is located in an class A neighborhood and requires no renovation work.  Schools (elementary, middle, high) are all really great.  The neighborhood is full of strong high income earners and I don't think I'm at risk of having any bad tenants with this property.  Crime is not an issue.

The weird thing about the property is that it's been on sale for quite a long time - well over 160 days on market.  The price seems reasonable (maybe even good) - I found some comparables located on the same street with same 5BD/4BA layout and similar SQ Ft that sold as recently as September 2020 for $550K.  Many houses in the area have pools and this one doesn't, so maybe that's what is causing folks to walk away?

For the estimated rental income, our real estate agent gave us a set of comparables and their rental rates, and in this area rent seems to hover around $1/sq ft.  This particular property is around 3300 sq ft but I put $3000 as rent to be conservative.

• Type: SFH
• 5 BD/4 BA
• 3300 SQ FT (4200 Sq Ft Lot)

• Purchase Price: $440,000
• Loan Amount: $352,000 (20% Down)
• Estimated Closing Costs: $14,080 (just used 4%)
• Rental Income: $3,000

• Monthly Expenses:
• Taxes: $733
• Insurance: $110
• HOA: $5
• Management: $0 (Going to try to self-manage this one)

• Monthly Mortgage P&I: $1,605
• Monthly Cash Flow: $546
• Cash on Cash Return: 6.4%
• Cap Rate: 5.9%

Any input/feedback would be appreciated!  This would be my first offer/property, so I'm sure I may have missed something.