I, wholeheartedly, agree with what both @Russell Brazil and @Joe Villeneuve said.  88% leverage, 3.5% fixed, amortized over 30 years for 5 year money is, frankly, unheard of in today's market and very cheap money. 

@Shital Thakkar - I agree with you 100% but want to add just one piece.

Would you guys agree that in places like Pearland, Katy, League City, and Texas City the vacancy rate is still 13%?

Agreed.

The tenant has agreed to leave and has signed documents stating they are leaving on Sept 10th.

@Samuel Carmichael besides what @Brandon Ingegneri said about looking at absolute dollar amounts to figure out if it's even worth the aggravation, I also agree with @Michinori Kaneko about looking at percentages.Personally I look at percentages first, namely 1) cash on cash return (yearly money back after all expenses including mortgage, divided by all money invested to get it rentable) and 2) debt service coverage ratio (net income after operating expenses but before mortgage payment, divided by the mortgage payment).The first is (obviously) a measure of return, while the second is more of a measure of risk as it tells you how much of a buffer you have between the property's net income and the monthly fixed mortgage payment.After you get a little more experience you'll also start to factor things like replacement reserves into account.

@Maria Luna I gotta agree with @Joe Villeneuve.

I agree with @Nancy RothBe very careful about protected status in your state.

I agree with Jay.  

If you want your cash out, than I agree with Steve, go with a 3-5yr balloon.