If you have a good job that early in your career, congratulations! Unfortunately, the property, if you get $5,000 a month gross, probably gets you $2,500 a month net, which is $30,000 a year. From there, that's an 8-cap, rounded up.
It's not the best cap rate you can find, I'd look more towards 11- and 12-cap properties, but there's also appreciation to be figured in. Now, you probably won't hold the place for the rest of your life, so selling it is a definite exit strategy. Using the cash-flow to pay the mortgage while letting it appreciate is definitely a strategy, but you are banking on appreciation.
If the area is good, and it's not already overpriced, it might be a good investment, especially if you can get it for $350k or less. Remember, you have to both beat inflation and cover the seller's costs, like commissions and closing costs. So, even if you bought it for $400,000 today and sold it for $408,000 next year, you'd still be losing money, since inflation is 2% (8k) and you are paying a good amount in closing.
Also, I find it a little more difficult to hedge my bets on appreciation, but that considers the areas I work in. Just my input, I'm sure lots of other people around have completely valid viewpoints different from my own.