Advice on University Heights, Cleveland single family property

[Alana Nevares]

Hi,

My husband and I have a long hours occupation while on mid thirties and have no investments yet. 

About one year ago I discovered bigger pockets and ever since have been listening to their podcasts. About one month ago we decided to take action. We did not want a fixer upper due to fear, lack of time and experience. 

We found a single family home (nothing fancy), in University Heights, Cleveland, sold POS violation free and will need minor repairs. we do know we may need a new roof and furnace in the next few years. Purchasing price is 87,500 with 1,700 back for closing. 

Potential rent: 1150-1200

400 Mortgage

300 taxes

120 management company

50 insurance

15 renters occupancy fee.

We wanted a safe neighborhood with low turnover, however, taxes are overwhelming and if we are lucky we will cashflow 200 monthly. Was this a bad deal?

Any advise as to where to invest next?....Was thinking about duplex (but most of them are built in 1920s in the area)….Would a fixer upper be better even long distance?

Thanks for your thoughts, somewhat discouraged at this point.