Typical ROI on a paid off SFR rental may be in the 4-8% range. Higher on multifamily or commercial.
You are way underestimating expenses with not counting vacancy, maintenance/repairs, capital expenditures, credit loss, management (even if you manage it yourself, you have to subtract out that cost, as it's not part of your ROI, but part of a job of you managing it.. it increases the amount of money you have, but not due to your investment, due to your work), etc.
Typical would be 50% (not counting HOA), meaning 1400/2 = 700/mo. HOA may save you a little on expenses (if a condo, not a house, due to them often covering capital expenditures like a new roof), but have their own cost, so say 600-650/mo profit.
This is compared to the amount of capital you could have instead of the house (i.e. the value of the house minus commissions and other selling costs), so say 140k, or about 5.4% ROI on your rental.
Not great, not terrible. Think of it as an inflation protected bond (the value of the house should appreciate with inflation in the long run).