I don't know the area, but I do know investing and property management, getting real numbers would help us give better info to you.
If you aren't getting much traffic or filled out applications for the place your rent is to high period. Buying new build usually means paying full retail, many times that means your stuck having to get high rents, not an ideal situation.
As a quick check use rentometer and craigs list to check rents in that area, at least it can give you a ball park value if you choose like properties that are close by.
If your PM is also an agent make sure they understand the difference between a good value as an agent for buying and a good deal for an investor ( their PM hat ). It's possible the agent side was doing most of the thinking in this deal.
Not saying that happened, but your PM/Agent should be able to explain the reasons why they recommended this deal for financial reasons only as an investor. If those make sense OK.
Bottom line if your rent price is set correctly for the area, you'd have plenty of possible renters, either your PM is dropping the ball or other places at that rent are offering more, like fully furnished, pool access, work out area, say something that adds value that you may not have.
Is there an HOA fee, if yes is that included in rent or additional?
I'm not sure what criteria you are using, I use cash flow as the number one factor in if a deal works, I also pick slightly below average rent, and not bottom line price of purchase as an initial indicator on if I would by.
If you are only would make $200 on a &1700 per month rent that's cutting things close.
hope this helps.
