LOL, better stop eating out too.

The setup cost and annual registration fees of an LLC will eat into your profits and are overkill for just a single rental.

The hefty property tax eats into your Monthly ROI as you shell out $300 - 500 per month on annual property taxes.

If you did lie to the first agent, it happens, keep in mind they need to eat too and don’t do that again.

They get weird about moving down, and generally speaking you’ll go through more trouble trying to get a new FHA.. and the insurance can really start to eat into the properties cash.

the cost of refinancing will eat up the savings in interest rate.Here's a good article on the decrease in the Fed rate. 

A lot of times properties will tell you it's at full capacity, meanwhile 2 months before they drop all criteria and fill the place with horrible tenantsProperty Management - it depends on how they charge, I just wanted you to be aware of placement costs and eviction fees.Area - don't drive around, WALK around for a few hours.  8-9 AM 11-1 AM 4-6 PM, go out to eat nearby possibly, sit in the car and just watch the area, talk to people, etc. 

All of those costs could quickly eat up all of that savings you're looking at.

I'd rather eat glass than ever go through an FHA or even conventional loan again.

I would only be saving $720/year for CapEx, so if I got unlucky and had to deal with a large capital expenditure, it'd eat up my cash flow.However, as far as I know the property is in very good condition.