Condo fees eat up a lot of money and if the complex is not run well, you will have extra costs. 

That 10% management fee is going to eat up your entire cash-flow.The next big thing is that you didn't include Mortgage Insurance, you will likely need to pay mortgage insurance if you plan on using that low of a down payment. 

HOA fees can eat you alive and you have no real control over the common area and building maintenance.

In reality, that may be the best way to get you off the ground and with a nice nest egg.

So far the lowest interest rate I’ve been able to get is 5%, which significantly eats into my cash flow.

The ones in my building seem to have figured out not to eat the bait/poison and they also have avoided dozens of traps. 

Likely knicked by my husband weed eating.

You could pass it on to a professional management company but that will eat up 1/4 - 1/3 of your income.A long-term rental is much easier.

You will find that sometimes a property is hitting a 3% but the repairs needed is going to eat up a lot of cash.

We had to eat it and it didn't taste good but next time he won't make that mistake.