interest peeked with rental property .. adivice is welcomed

[Martin Mclaughlin]

so I've been eyeing a property in the next state. it was on the market for 20k and seemed like a great rental opportunity. This would be my first investment so I believe I would feel more comfortable with something on the cheaper side to get my feet wet.

the price was just dropped to 15k and I want to take the plung!

The mortgage would look something like this:

133$ total estimated mortgage , 52$ principles and interest, 15$ taxes, 67$ homeowners insurance

local 2b 2 baths rent for around 150$ per night

Im thinking I cant really lose although I have to do a lot more due diligence on the current state of the house but from what it looks like, it doesn't seem to need much. 

any insight would be well appreciated. thank you!

[Jerry Padilla]

@Martin Mclaughlin

You do have a lot that you could lose! Why is the property just sitting there and keeps dropping in price? Is it in livable condition? It may not be financeable. If you get stuck with a house that won't sell or you can't rent out, you still will have tax bills or insurance bills. If it is in a bad area than the property can be destroyed and broken into whenever it is vacant! How much is it going to cost to keep it rented? Who will manage it? I would get in touch with a property manager in the location and get opinions of the area. Where is it located?

Not too detour you, but there are some very bad investments out there! Trust me, I have one. :-( ....... I bought for $46k and it cost me almost $60 to get up to code and have the city stop coming after me for a c of o......... It brings in $1350 a month and if I were to list it for sale, my tenants would most likely destroy the place and leave......