Property in Point Breeze

[Ore Aina-Badejo]

Hi everyone,

I'm planning on buying a property in Point Breeze that's about 980 sqft with a 3br 1.5 bath and finished basement. It's listed for 250k but I wanted to pay 220k. Negotiations didn't go so well and so we ended up at 245k with a 5k sellers assist.

The problem now is that rental income for the neighborhood for a 3br is about $1500 - $1600 but my mortgage payment comes out to about $1400.

Is this too close for comfort or do you guys think it's not worth it. We're a bit concerned about the negotiation our realtor did (aka none) and whether or not this is a worthwhile investment. It seems like the area is booming and prices have gone up from 150/sq foot to 250 in less than a year. We are wondering if it's possible that the area is too developed at this point. 

Additionally, we live in NY, so about 2 hours away from the property we want to buy. Any advice would be more than welcome/appreciated!!