I’ll be out of state, which I know is a big red flag for many.Well below 1% minimum of Rent/Property ValueHoping to self-manage (Yes, another big red flag)Loss of capital gains exclusionMONTHLY SUMMARYRental Income $3,500Less ($3,440) Mortgage (2,900) HOA (390) Rent Ins (150)Less ($1,155) Property TaxTot Exp ($4,595)Rev: ( $1,095) !!

It's setting self up for failure, because everything ahs to go right for a duration of time INCLUDING equity growth to infill that hole one dug day 1 via over paying. 

I think you should do some self-reflection and really contemplate your investment goals.

I’ll be out of state, which I know is a big red flag for many.Well below 1% minimum of Rent/Property ValueHoping to self-manage (Yes, another big red flag)Loss of capital gains exclusionMONTHLY SUMMARYRental Income $3,500Less ($3,440) Mortgage (2,900) HOA (390) Rent Ins (150)Less ($1,155) Property TaxTot Exp ($4,595)Rev: ( $1,095) !!

I’ve also thought about self storage and in many places in the country you can get into a facility for $250K.

You will eventually want your nonpassive income to be flown through an S corp so you can lower the amount you pay into self employment tax.

If you're 50/50 on whether to do it, I would encourage you to self-manage your first few rentals and then when it becomes too much of a time commitment turn it over to 3rd party management.

We are cash flow break-even, but we love the steady equity growth that requires nearly zero bandwidth to self-manage.

There are 2 hats you wear when self employed.   

Do your self a favor and figure out which McDonalds Pete Fortunato meets at every day.