How to Determine Rent in a Tiny Rural Town

[Brady Duxbury]

I just purchased a home in my very small town of 800 in South Dakota. The closest "Big Town" or Walmart is 45 minutes away, lots of times without another car on the road. I believe I purchased the house well and will be in for a maximum of $65,000 after flooring and HVAC including the purchase price of the home. I am having a very hard time figuring what rent I should charge. This is a 2 bedroom home and there are currently only 1 other rental on the market, which is a much older and less updated but bigger square footage home in which they are asking $700 per month. I make almost nothing at that price and am thinking about asking $800 but I don't have much data period supporting any price. Local verbal knowledge says somewhere around $500-$600, which would be money lost. I think the ARV of this home should be $90,000+ and better data supports this number. I want long term income but not sure how to proceed. Any advice out there that would help?