2nd thoughts: Even being conservative with CapEx included @ 15% brings your operating expenses to about $5,205 giving you an monthly NOI of $3,845.

(I was conservative on my estimate when I made the initial post)Current Living Situation: Bought the house a few years ago and we want to stay here.

No longer was I content to follow the conservative 'save, save, save for years --> conventional financing' route.

-Also for some reason when I found the rental information from realtor.com it didn't list the 616 sqft unit  (below) pricing which I'm assuming is going to be higher than the 588 sqft, but to be conservative I'll use the price listed at 395.

Here's the math (conservative numbers):Rents:$180/night * 365(.75) = ~$50k/yearMortgage/Ins/HOA = $21.6k/yearYour cash on cash for year 1 is a whooping 43%. 

Without knowing the cash flow (in and out) for the year (ie. trailing twelve), you would need to use conservative approaches for determining expenses, such as the 50% rule.

I'd conservatively estimate FMV at $145k to $150k.

Those are conservative numbers, and I hope to far exceed them, but obviously the economy needs to cooperate to make that happen!  

Your assumptions on vacancy rates & maintenance are more conservative that the the proforma.

Rent for these types of houses in my area go about 850 on a conservative estimate.