Grand Rapids investment analysis help

[Rachel M.]

I'm considering partnering with an investor on an out of state rental, single family home in Grand Rapids, Michigan. This will be my first investment property. I currently own my own house in California and have approx $120k in equity on my current home (just some background info). 

Here's the specs for the Michigan home: (everything will be equally split down the middle)-

Price of house: $150k.

Down payment: 20% down= 30k (15k each).

Possible rent: $1400-$1600

Property management fee: $150 per month. 

If my math is correct, after splitting the monthly rent income,  I would only be making approx $200-$300 per month max. 

Would appreciate your feedback on this investment. Is it worth it? Will this make it more difficult to get another loan in the future because it's adding more debt and not returning much income. 

Would I need to talk to a lender in Mi or can I talk to someone in Ca? 

Thanks in advance for your insight.