Would any of you guys take a deal with this low of a return?

Recent bank statementsEmployer letter that shows salary, time of employment and posiitonTwo years of tax returns Pay stubsLandlord reference lettersCredit report

We purchased a 3 bed 1.5 bath home, 1500 square feet on half an acre:Purchase price: 66K; 20% down paymentRent: 850.00PITI: 390.00Vacancy: 10%PM: 8%Repairs: 10%Cap Ex: we have a separate account set aside for this that we fund ourselves and contribute to monthly.Rehab costs: 3K (paint, flooring, cleaning)Monthly cash flow: 222.00Cash on Cash return: 16%I'm happy to have our first deal done.  

I have some stock market experience and have been able to do quite well, however the volatility is frustrating and it sounds like the possibility of higher returns is greater with real estate.

Here in Ohio, $200k would net you 2-4 turnkey properties easily.

Having a general working knowledge of the area you want to invest in is usually step one.I'm relatively new to investing as well (working on acquiring my 4th unit now) - I'm in the Chicago area and in general I know that returns in the Midwest can be higher than in coastal areas, so you have that going for you; but every neighborhood has it's own oddities and character.

In your experience, is this a typical return for MFH in the area?

Wouldn't that save me $150x12 = $1800/yr and therefore I could look at my return on that investment as 36% annual return ($1800year/$5000), and therefore this would be a wiser option then focusing on a second property until I remove my PMI?

If you have a tax return for the second home, that should suffice.  

I will be leaving Oct 28 and returning Nov 12.