SE Michigan cap rate/CoCR for rental property

[Giles Smith]

Hey guys, I'm trying to get started in real estate and had a couple questions for the gurus here. Please let me know what you think of my plan.

I am looking to purchase a house that I will live in for 1-2 years and then move and rent out the house. I currently live in the Royal Oak area and would love to purchase in the area if it is a good investment market as well. I would be willing to spend up to about 100k if the house will cash flow. I have done some research on houses I think I could get into for 75k.

Let me know if these numbers seems reasonable based on my research and if there are much better areas to do this in SE Michigan.

Purchase price - $75,000 (3bed,2bath,1,000 sq. ft.,bsmnt,reasonable condition)
Rent price - $1200 (comps for this house were $1200-1300)
NOI - $14,400 rent - 3,000 taxes (millage 50 for investor) - 800 insurance, -1200 maintenance, -1200 property management-800 vacancy = $7,400
Cap. = $7400/80000 ~ 10%
CoCR = assume 20% down, 30 year fixed @ 4.5%, $325 payment = (7600 - 3900) /16,000 = 3700/16000 ~ 23%

Cliffs: Are cap rate of 10% and CoCR of 25% reasonable in SE Mi for an investment rental or are my strategies off?

Thanks for taking a look guys!