@Philip Claessens What kind of property is this?
Based on your down payment I am assuming it'll be owner-occupied, but even still, the down payment is a bit low - it's less than 3.5% (which is the lowest I've heard of, other than VA loans). Given you're using this as your downpayment amount, I am assuming owner occupancy. If so, why are you budgeting for a property management company?
The repair costs are a bit low. Any new property, even in good condition, could eat through a $500 budget quite quickly.
Vacancy is a bit low for my personal preference - I usually aim for 8-10%, depending on the area/property.
Not much meat on the bone at 120k. A 1% deal is a marginal deal . Nothing to get excited about