Living on-site will have you being interrupted with door knocks on a regular basis.Now, if your PM is mediocre or worse, plan on doing a lot of learning or find a better one.   

Calculate several scenarios such as first year expenses, second, third, 5th, and your exit plan.

HI NatanBeware of $100K SFRs unless you plan on $25K+ rehab.   

Also cash returns tend to overstate the real return because not all depreciation is "paper"; depreciation is supposed to (and to some extent does) proxy that the property gets worn-out after a while and you'll need to spend additional money at some point on capital improvements to keep it in shape to be rented-out.Also how are you only putting 6.7% equity down?

I've never had a real issue, and I plan to keep it that way by doing the same consistent things as other have mentioned. 

Exit plan? 

no real way around it unless your in the business and you can offset some of your interest income with business deductions but you still have to spend the money to deduct it.. although driving to your loans may allow some car write off perhaps.but really your going to make money and pay tax's its better to concentrate on the collateral and a safe investment so you actually have some income to worry about.. 

I got a job offer in the Northern Virginia area and I am planning to relocate there.

I plan to upgrade to 2 bathrooms after the cash out refinance.

Hope to start investing in the next year and will spend some time learning what I can from this site to prepare myself.