re. question on if this I made a mistake on this purchase

[Eric C.]

Hello everyone

I am a complete newbie at this and I wanted to see if I made a mistake on this deal . I just bought a single family home in the Sac area recently but the rent I am getting each month does not cover the over all cost so my cash flow is actually negative. Did I make a mistake on this? I am a bit confused on how to find good property that actually provide positive cash flow. Any suggestions will be appreciated. Thank you 

Purchase price $280k

Down payment 20%

Interest rate 6.375% since its an investment property,  I am thinking to pay points and lower it to 4.35%

Monthly payment include insurance and tax $1,783 per month 

Utilities I pay about $100 per month 

Rent I am getting $1,575 per month but thinking to raise the rent to either $1,600 or $1,650 be year end