Newbie Investor Looking into Out of State Rental

[Carlos Caban]

Hello,

I live and work in California, but I'm in pursuit of cash flow so I've opened my eyes to the Fort Worth, TX market.  I'm preapproved for 65k at 5% and just want to verify that I'm evaluating properties correctly before making an offer.  I've found a 3 bed 1 bath home listed for 65k but plan on offering 60k to make a 2% rent to value ratio; zillows rent estimate is $1200.  My lender estimates the mortgage, mortgage insurance, and insurance payment to be $677.33 for my full preapproved amount minus $170 for management (10% of rent plus 600 dollar one time initial leasing fee spread across 12 months) which leaves me with a net of $352.67 to store up for my next property at maximum.  Is this a sufficient bumper for a 1948 home?  How accurate are Zillow estimates?  I know one shouldn't rely wholly on them but are they a good tool?  Probably a question for another thread but any recommendations for property management?  Any advice for a brand new investor?  I chose Fort Worth because I have family in the area which I believe should give me an upper hand when compared to a completely blind out of state investor.  I'll be visiting and walking properties in a couple weeks.  Thanks for your time everybody.  Any and all input will be greatly appreciated.  I won't be able to grow much without criticism or failure and I can't help but prefer the former!