advice for first deal

[Yael Fuerst]

So here is the story:

I am looking into purchasing land and building on it in Hoover, AL. 

The deal I am looking into is $156,500 for a 4 bd, 2.5 bth SFH.

Rent will be $1550 

after all expenses my net profit will be $1200.

From what I have read my expenses should be 50% correct? but I am not getting to that number.

I should note that I am paying all cash since I cannot qualify for a loan or mortgage (since I am not a citizen/resident).

does this sound like a good return (8%)? I am happy with the data regarding location .

This is my first purchase and am constantly second guessing myself.

what else should I be thinking about?

thanks