As @Tom Shallcross said about a payment plan or schedule of some sort.

If it's in a high tax /flood area taxes and insurance could easily be 5-6k or half that then with title insurance points and closing it could make senseWhat is the breakdown ?

I’d plan for extra amenities like special decor or concierge services. 

Credit, jobs, income, age, married, plans for future all this matters.

You have the mortgage, taxes, insurance, maintenance, capital expenditures (roof, flooring, etc.), and also need to consider the cost of vacancies or bad tenants.I also recommend you charge market rate, for yourself and the tenant.

I've never taken one and don't plan to, but good to hear from someone that went through it.

In the future, I plan to have more rentals but more interested in out-of-state investing than in state so I currently only have the one rental.

For long-term planning, consider transferring the property into a trust to manage tax and legal complexities.This post does not create a CPA-Client relationship.

However, if you have a more extensive portfolio or plan to become larger in the next year or two, I would look for a double-entry system that allows bank reconciliations.

We owe $154k on the property and the interest rate is 4.25%, the monthly mortgage is $1050 with taxes and insurance.