Is this a decent starting position for real estate investing?

[Logan Wright]

Would this be a good first deal for a rental? We live in a rural area with currently no homes on the market and very few rentals available.

Purchase price- $167,000

20% down - $34,000

Rent charged - $1,300 

Mortgage, insurance, taxes = $700/month 

Going to need to put about $5,000 into it before renting out.