I'm An Investing Virgin -SFR Deal?

[Antonette Wartick]

I LOVE real estate and want to become a landlord/real estate investor. HEre's the scoop on my latest first one to dive into:

Small SFR asking $39k but I think I could get it for less ($35k) for worst case scenario let's assume even $40k. I can easily put 25% down ($10k). It is in ready to rent condition - immediate occupancy, but personally I would fix up a couple of minor issues in the place....

I'm going to assume I can get rent of $500/month (currently not rented but units close by/surrounding which are duplexes are going for $450).
Taxes: $100/mo
Insurance $22/mo

Am I missing anything? Per my calcs I think I can cash flow immediately (after getting a renter of course) but am not sure how else to know what to set rent at? Is there a calc for that?? Its all residential and any rentals around there are all upper/lower duplexes, not necessarily a full SFH with basement, etc...

Thanks For ANY info!!!! LOVE THIS WEBSITE - I'm learning TONS!