Relative ranking of my first rental "deal" vs. the rest of the US (monthly cash flow)

[Craig Daniels]

Hi - I am curious what the forums will make of my first deal and whether it is relatively good or relatively marginal. I am in the Palm Bay, FL area and bought an SFR 3/2 for 220k. 30% down, 6.375% rate, and after all expenses, with a property management company, it should cash flow roughly 175/month. I did put in about 15k of work into the place to get it from the 1980's look to something more modern as the rentals I am competing against are newer builds, but at higher price points. This is the investment thesis in my area, it is becoming a bit saturated, but if you can rent just below the new build/corporates, and maybe accept tenants that are a bit outside of the corporate approved model, you can keep your place rented. I am geographically close to this property, so I am pondering not using property management to get another 175/month out of it.

I continue to look in the Brevard area of Florida - As far as north as Titusville/Cocoa and as far south as Sebastien.  It seems that if you can find a good deal on the purchase price, are willing to do cosmetic updates (floors, painting, maybe a kitchen) you can get that 100-200/month cash flow.  

Is this a good cash flow relatively speaking?  I have not started to look outside of the area to out of state rental opportunities, but I am wondering if there are remote markets with a higher return than this that I should be looking into.