How am I doing? Deal Analysis please!

[BJ Brinkman]

Hi BP members,

I'm so, so glad I found this forum. I'm hoping you might be able to analyze this deal for me, and offer some advice to a newbie. This will be my first investment house and I am currently renting. It appears to be in good, turn-key condition. I'd like to thank a moderator, Jon, for giving me some personalized advice earlier.

Price: 85,900 3br/2ba
Rent: 1250
Rehab: 0
Down Pmt: 20%
Rate: 5.625% (This is an estimate - does it seem appropriate for a NOO loan? Good credit (770) and no debt)
Term: 30 years
Down pmt amount: 17,180
Loan amount: 68,720
Principle, Interest pmt: $396/mo
Expense amount: 50%
Expense amount: $625/mo
Net Operating Income: $625/mo
Cashflow: $229/mo
Annual cashflow: $2,748
Cash on cash: 15.9%
CAP: 8.73%

I'm also wondering if there is a way to do this without leveraging 20% of my own savings without occupying the house. Is this a good use of $17,000 in cash? Lastly, do you think I should look into foreclosures, short sales, etc? Or for the first time just go for the MLS listing, with a realtor, and keep it simple.

Any and all advice is greatly appreciated!

Thank you!