Help Analyzing - Central Florida

[Ryan Lam]

Hi! I am getting closer to making offers and was hoping to analyze a live example to make sure I am offering on the right properties. Any advice would be appreciated!

Single Family Home
Rental, Buy & Hold (of course would need to cash flow positive)
New Construction
Requires Property Management (out of state)
Central Florida
Beds/Baths: 3/2
SqFt: ~1,300

List: $183,900
Mortgage Amount: $147,120
Down Payment: -$36,780 (20%)
Closing Costs: -$4,597.50 (assumed 2.5%)
Repair: $0 (new construction)
Updates: -$1,200 (needs fridge)
Rent: $1,425 (should be a conservative estimate)
Vacancy: -$57 (monthly figure, assuming 4%)
Principal+Interest: -$668.87
Property Taxes: -$230 (about 1.5%)
Property Management: -$114 (8%)
Leasing Fee: -$89.06 (assuming required annually with turnover, this figure is assuming it were broken down monthly)
Insurance: -$65
Repairs/Maintenance: -$114 (8%)
CapEx: $0 (new construction so assuming a few years should go by without it?)

If I am understanding and calculating everything correctly...
Initial Investment: -$42,577.50
Cap Rate: 4.93% 
Cash on Cash: 2.45%

Not sure if I am approaching it a bit strict. For example if rents came in at $1,450, Cap Rate: 5.29%, Cash on Cash: 4.01%