So your net income is 3635 per month. For the year that's $39985. I figure 11 months for 1/12 vacancy. If you count another 10% for annual expenses that's $35986. The value of the property is 550k, so your cap rate is NOI/Value or 6.543% It seems a bit low to me. Personally, I try to get 1% gross rent per month, so in this case it would be ~$5500/month.
I don't know your market, so I can't say for sure if this is a good value in your area. I just like mine to be higher. But on the other hand, without a mortgage, your risk is low if it goes unrented for a period of time. Your downsides seem to be opportunity cost and potential depreciation of the asset.
I've seen worse deals. It'll take 15.3 years to recoup your investment.
Brian