help Run the numbers

[Crystal Evanisky]

i need help running my numbers. I have a home i purchased three years ago for 178k. closing costs were 1800. No financing. recently i purchased a new home which we will move into and i plan to rent out the previous home. i have a heloc on it for 100K to finance renos on the new home. this will be converted to a mortgage once i start renting the property out. 3% interest rate. 25 years. payment will be 473.25. Im confused how to make all the numbers make sense. do i take into account the original purchase price? also, at only 100K i am having trouble making it a cash flowing property. rent will be $1150. taxes 185/month, insurance $150/month, vac 5% r&m 5%, cap ex 5%, prop mtg 10%. One utility bill for 22.20/month. after all expenses and financing paid im left with 38.45/ month cashflow. how can i not make money on a property with only 100k financed? what am i missing or where are my calculations gone wrong?