Guessing you get way more snow than we do.

Thank you happy holidays to you to enjoy The snow in Colorado ‼️

You will also have ongoing maintenance: weed spraying, grading the gravel parking lot (or a set aside for future repaving the parking lots), lawn mowing, snow plowing, door maintenance.  

Rates on those are in the 6's and 7's now and going higher as the Fed continues to move north. 

50% rule probably isn't going to work for you here, just be aware.You're at about 15% for taxes, 10% for utilities, add in 5% for insurance and 10% for Property Management and you're at 40% of your income already without vacancy, repairs, CAPEX, lawn care and snow removal, tenant placement fees, or anything else.As mentioned, lower prices tend to turn over faster (I try to avoid 1 bedroom units for this same reason, rent fast but move often) and can be harder on units... 1 months security deposit often doesn't go far either in terms of damage to a unit and making it rent ready again.

I met with the tenant already and did a walk through.Purchase Price is 74k, HOA fee is 175/m which includes water, garbage, snow removal and landscaping. 

GROUNDS.Tenant agrees to maintain the grounds and remove snow from walks and driveways and will we will cut the grass as needed (approximately every week during the growing season).

are there other maintenance things that he has to do for tenants like mow lawns, shovel snow in the winter...etc...  

Dear @Allan Snow,Since I have been living oversea, I never thought about the double tax issue since I haven't deal with Canadian Revenue for quite a while now.  

Is this where snow birds help?