You double counted tax and insurance.

@Sean O'GormanYou are right on both counts.

True, but I count on my tenants alot to take care of the unit and call me when there are issues/meet venders.

You'll experience less wear and tear:This is in my own personal experience of hosting over 600 and counting guests... only once have I had to file a claim on a deposit because a guest got into one of my client's liquor cabinets... they were very apologetic, and I could have done a better job of setting ground rules for them.  

My personal recommendation is to self manage first if you have a smaller unit count so you know the ins and outs so when you continue to grow and have to get a property manager you know what it's like and how to best manage the property manager because you have done it before. 

I personally would look at a duplex and see if that would be more feasible since you can qualify for a more expensive house since you can count the other units income.

Wouldn't that count for something in front of a judge.

However, if you are trying to grow your IRA wealth with an asset you are familiar with and can count on income and growth from (as opposed to taking chances in the stock market), then the depreciation and other write-offs you could take if done as a personal investment become moot.  

I'm also not counting the tax benefit you get from paying interest to the bank.  

Do not count on anything in the future.