My first potential property, looking for advice

[Abbott Mary]

Ok so its a SFR, 4br2bath, 1600 sq ft with 800 sq ft basement. Great neighborhood, near the best school district in the area. The property is decently taken care of but there is a lot of cosmetic damage. Similar houses in the area are going for around 140,000. I'd be buying the house after repairs at around 115,000. Rent in the area is somewhere around 1,300 depending on the house. PITI is really the killer here, because i'm not positive about how good of a conventional mortgage i will be able to qualify for but its looking to be all in all 750-850/mo for all my PITI.

so for the "rules of thumb" that would put me at around 15% ROI yearly, and id be able to save around 40% of the monthly rent for expenses. Im not sure if im calculating this correctly but it looks like the cap rate is around 11%. If im being completely off base about how im analyzing this please let me know, any criticism is accepted and welcomed. Thanks!!!