Looking to Buy First Rental Property

[Jessenia Munoz]

Hi all! So I'm almost ready to move forward and purchase my first rental property (or start really looking for one rather). I'm looking for one that's between $50K - $60K but I would hate to bring in $20 (exaggerating of course) a month per property. I've been looking into how to analyze properties to get a sense of what the monthly cash flow would be but Im havnig a little a trouble getting it just right. So here's my question: In Hampton Roads, VA, the real estate tax is about $1.24 per every $100. I know there are a number of other factors such as insurance and other monthly fees that would contribute to positive cashflow but generally speaking, what is a realistic number that I would pocket each month with properties in this price range? Any ideas on where I would find this type of property in Hampton Roads and any tips from those who have invested in this area before and/or still are?

Thank you all in advance!

Also, I know that the price range is on the lower spectrum but I would rather not have to do any rehabbing if at all possible. Thanks again!