Couple of considerations

1) Add 20% rental vacancy rate to your formula, if you still see even cash flow with that, then it's a deal.

2) You should tell us where this town is, how remote that is, if it will enjoy demographic long term appreciation. Capital gain is still important. Rent increase potential is also important to project.

3) Local renter quality. Is it a slum? or in a okay lower-income area. You don't want to get into a slum, easy to get in, hard to get out.

4) Property management cost.