Is it worth buying I am looking to buy a rental property 439,000. First time Investor

[Devakumar Sai Chinthala]

I am looking to buy a rental property 439,000. I need to put 20% down payment. I can get a 30-year fixed loan for 6.630%.

The property taxes 1,976 /year i.e. 165 per month. It has a HOA fee of $160. I need to buy a home insurance of $154.

If I rent this home for 2,200 per month. Over all I am getting a loss of $500 per month.

Can I claim this investment loss in taxes ? What are the other strategies exists?

Is it worth buying it? I am the first time rental property buyer. Any guidance will be super appreciated.

Thanks in advance.