Congrats @PJ Singh, I am very familiar with the Clear Lake area and your numbers indicate you made a very good find.
If you longer term goal is to generate CF to replace W2 income, then I would say this is a keeper. You may also consider what I kind of see as a modified BRRR, where you leave some of your capital in the deal in exchange for a projected higher CF per month - your CoC is not as great, but you ultimately pocket more each month.
As mentioned by @Tony Castronovo, how you plan to acquire the property also impacts exit strategy. If you are buying and rehabbing with cash, another option could be to set up a LoC against the free and clear asset. This way your CF each money is higher, but you are also positioned to make future acquisitions with the LoC as they come along.
Best of luck!
