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. 

[Dylan Vargas]

@Rachel M. Rachel, what a great group of people for a response. Wow, you are fortunate. Reach out to all of them. At any rate, before dropping a dime I think you should spend the money on a trip to Grand Rapids (assuming you haven't been there or been there recently). This wouldn't cost much at all ($1000 to $1200) and spend a week there looking at places. I don't think the partner thing is worth it for such a small margin. Many other deals and outlying areas to consider. Small town to get around and see everything. Plus. you can stop at Founders Brewing to have some of the best beer in the world!! Grand Rapids is the jewel of West Michigan and only getting better. If you see everything in a few days hit Kalamazoo and check that town out also. Hit Bells Brewery (Eccentric Cafe) when in Kalamazoo. Seriously, I would go visit for a week if this is a long term possibility.