First timer...Found a house, does it look good?

[Steve W]

I am a first timer with rentals and I found a house that I want to "test the waters" with. The house is 60 years old, recently re-modeled, with nearly all new guts.

The numbers:

House is 50k, loan is 12 years with 5% interest. Payment is 460.00.

Taxes on this house is $306.17
Insurance is $574

Rent on the house is $575, with rentals in the area a bit higher than that, most all in the area are rented within 7 days.

Does this sound like a good first investment?