Add in insurance and taxes to your payment about you are looking at about $ 1200 per
month — so
unless you can rent for a price above the national average, your rental property will not generate any free cash flow until the
mortgage is
paid off.
Since you'd probably want to
pay off your note at the same time the buyer is
paying off his note you'd have to add $ 220 a
month so that you wouldn't have a large payment to make in 15 years,
unless you can figure out a way for the buyer to get a conventional
mortgage.