Mortgage is $340k. We paid the minimum for down payment on the $430k property. 24 term.
Insurance is $7/month as it is a one bedroom condo unit and I have umbrella insurance.
There are no other expenses other than the maintenance fees $478/month and property tax $140/month.
Rent is $2000-$2200.
Do not expect to have any vacancies based on the location.
What is PMI?
Everything you've written so far suggests you are viewing this property through rose-colored glasses and not as a business. I also think you might want to spend some more time learning about real-estate as your assumptions and questions reveal some gaps - gaps that are extermely likely to come bite you in the ass later on.
PMI - Private Mortgage Insurance; typically required on loans with less than 20% down.
re: vacancies. I have
never encountered a rental which had zero vacancies except in one rare situation where it was a 5 year lease upon which the owner re-occupied. You
will need to paint, make repairs and refurbish your unit over time. Not only is it unusual for one lease to end on the 31st and the new renter to come in on the 1st, it's generally a bad idea as the landlord not to go through your unit after each renter and make minor repairs & paint before little problems become big ones, and before your unit starts fetching below-market rates because you've let it get dingy and dated.
Then of course there's the curse of the bad tenant. Every landlord hopes their screening will prevent it, but sometimes good people lose their jobs and cant pay, and eviction is hard and costly.
Planning on zero vacancies over multiple years is frankly not going to happen.
re: insurance. If you hold an umbrella insurance policy because of your rental this falls under normal expenses.
re: mortgage - what is the PI-TI (Principle & Interest, Taxes and Insurance) for each of your monthly payments? What was your original amortization period (the length of your loan) and how many payments do you have left? Do you pay additional PMI.
re: repairs. You mention maintence fees of $478/mo, which suggests you are going through a property manager or condo association. What is your long-term liability beyond these payments? Unless your situation is bizarrely unique you will eventually need to replace items like the roof, windows, water heater as well as upkeep like painting, refurbishing the kitchen, replacing the flooring, etc. These may be very infrequent repairs but there are enough of them that you'll have to do one or another every few years. Will you have to pay for these expenses? (typically yes).
In general, seasoned landlords count on 50% of their rental price going towards upkeep, vacancies, repairs, insurance and the like.