50% Rule needed for Condo buy and hold?

[David Tambellini]

I'm looking at a condo for a buy and hold deal that would run me about $880 a month in mortgage, insurance, taxes and HOA payments (at the current asking price). The unit would rent for 1,300.

Asking price 98000
25% down payment = 24,500
Net rent = $420 per month 
Down payment + closing costs = 26,000
Net Rent (after vacancy and maintenance) = 4,200
COC Return after 1 year 4,200/26,000 = 16% return

Is this a decent investment, considering the 50/50 rule is blown out of the water?  I would manage the property myself and it is in an area that will easily find tenants.   I appreciate your feedback!