买或不买, that is the question.

Rental house: 480K with down payment of 20% = $96K and mortgage = $384K

Monthly rental income of $3,500 and annual income of $42,000

For P&L calculation, I would use $42,000 - $3,500 = $38,500

$38,500 - $7,200 (1.5% property tax) - $3,850 (maintenance) - $20,700 (5% mortgage+insurance) = $6,750(annual net income)

$6,750 / $96,000K = 7% rough return.

If you can get 10%, I would do it.  Good luck.