Note price had already fallen some at that point so it is down more than $70k since market high.  50% rule is a rough estimate that costs other than principle and interest will be ~50% of the rent.  

Keep it simple and make those principle payments.

For real estate that includes (1) principles of real estate (2) real estate law (3) real estate investment (4) real estate finance.  

or are you the 'principles' police? 

Investing for me is about a return and not a total loss of my principle.       

Using a couple indicators loses sight of the fact that there are many other influences on the economy.

Also don’t forget that more than $700 of your mortgage payment is going towards principle.

if I could find a deal at $300/month profit after principle, interest, taxes, insurance, and a $100 maintenance reserve I would say it’s worth doing now (ie.

To find competitive pricing, look into the rental prices of nearby multifamily properties that are comparable to yours.Take into account all of the running costs, such as insurance, maintenance, taxes on the property, utilities (if not individually metered), and, if necessary, property management fees.Take into account the principle and interest payments associated with your mortgage.

The analysis above is short-sighted.