Ideal cashflow per property

[Alvaro Rodriguez]

I just put a house under contract, lender mentions the mortgage payments will be $1100 a month. Plus property management $100 for a total of $1200. The house can be rented for $1,500-$1,600. Which is 0.92% of the price. What is an ideal Cashflow per house? Is cash flowing $400-$500 a good start for a first house? This house is move in ready and inspection came back clean.

Thank you for any feedback and advice

Thank you