It looks like it will have $280ish in cash flow every month but a 5.08% ConC ROI.

Rentals are 10 year mortgages that cash flow $0.

I wouldn’t want to get stuck with a huge payment on my home, and if I purchase a rental and the cash flow only covers my new mortgage payment, it doesn’t seem to make much sense.

So the cash flow is $640/mo.

Still have an appropriate amount of patience to find a deal that will cash flow. 

Then when the Army give you a new assignment in 2 years, you can't afford to sell the place, so you rent it out and it doesn't cash flow.

also what 30 yr fixed  rate are you considering and what are the closing costs/ loan fees  associated  with the refinance …..you might ask  for  " low cost "  rate options for the refinance  in order to keep these expenses down …...if you refinance the loan to a new  30 yr fixed in order to make it cash flow better - always keep in mind that you can  apply extra payments to the new loan to  whittle the balance down

Based on the numbers, this home is giving me a positive cash flow $50 monthly after all expenses and management.

It would cash flow around 5-600 per month.

Definitely recommend you run the numbers and a quick way to do so before you get too deep and waste alot of time is to write down this:Purchase Price Cash to Close Rent-------------------- Property Tax per monthInsurance per month HOA Mortgage Vacancy (x%) Repairs (x%) Property Mgmt (x%) Total Expenses: XThen find out your cash flow INCOME - EXPENSESCap Rate NET ANNUAL -MORTGAGE ANNUAL / PURCHASE PRICECash on Cash Return NET ANNUAL +MORTGAGE ANNUAL / PURCHASE PRICETakes like 10 to 15 mins to evaluate the numbers.