@Richard L Smith
Is this rent amount confirmed? I don't know your market but that is high compared to the purchase price. Assuming your purchase and rent are accurate I suggest that you include approx. 5% for vacancy. Depending on the market, it could be higher, once in a while a little lower but likely never 0. Even in my hottest market I will have perhaps a month of vacancy between tenants but luckily tenants tend to stay several years too.
Depending on the condition of the house, I would use at least 5% for repairs. Brand new house you will still have repairs as tenants can do damage or even wear and tear will eventually cost you something for new carpet and paint.
Depending on the condition of the house, I would use at least 5% for capital improvements, you will someday need a new roof. Brand new house, may need a little less, older house more to a lot more.
You have no other expenses besides your loan amount. Depending on what is customary in your area that may not be the case. I always pay for basic garbage for my tenants because I want them to throw away their trash regularly. I had one property that it was customary to pay water/sewer on. While you can build that into the rent, rent is somewhat driven by the market. HOA or other community fees may come into play too.
Management fee. I self manage but use a 10% fee to make sure I can afford to use that option. Depending on the property, PM's may make your life much easier and since you are new, you will want to ensure you have that option as you may find yourself overwhelmed.
Good Luck!
Sharon
