Put aside some money for fixing things up around the condo from time to time ("CapEx"; 5% to be conservative), and some for vacancy (maybe 10% of the monthly).

You will have unpaid rent, eviction costs, repairs, vacancy, travel costs, etc on this property.

If piti is $1100 and rents range from $1000 to $1200, conservative underwriting would use the lower of the rent range, we have $1100 rent - $1000 PITI - $120 PM  - $50 (vacancy) - $300 maintenance/cap ex - $50 misc (tax man, asset protection, book keeping, utilities that are not tenant responsibility such as for a slab leak, etc) is about negative $420/month. 

If you evict, how much money will it cost in legal fees, court costs, lost rent (because the tenant will probably stop paying), and vacancy while you prep and fill the vacancy?

@John SteffenInvesting in house hacking or purchasing a primary residence for rental can be challenging due to affordability, vacancy fear, high interest rates, maintenance concerns, and location analysis.

This underperforming cash flow is likely due to your higher vacancy, not to mention whatever bad debt write offs or concessions are in the mix. 

This can be risky, especially if vacancies or unexpected expenses arise.

Use the "extra" income to build a reserve for maintenance, vacancies, and other expenses that don't happen regularly.

single family homes in the city are a relative bargain right now, depending on school district...There are some great schools in the fishtown/olde kensington neighborhoods and our single family and apartment units all stayed filled without any real vacancy over the last few years.

And if you time it just right when your tenant lease comes due, or have a tenant that just needs the extra space, then it’s a win win since you dont have to have any vacancy.