Thoughts On Buying A Rental For 60 K In Philadelphia?

[Isadore Nelson]

Good afternoon, I am a first-time investor looking to get started with my first property. 

I've for over a period of 2-months been looking at properties in the cheapest neighborhoods in Philadelphia, namely those within the 19134 zip-code. It seems that properties in the area can range on average from 50k-75k. I'd like to acquire one for say 60k with a 20% down-payment of 12k. Monthly mortgage payments including insurance and tax would be around $475 while the rent would be around double that, leaving me with a monthly cash-flow return of about $500. 

Is this a reasonable expectation and a good option?

I'd love to hear any of your feedback, thank you!