I'm also concerned about the real estate market as a whole.

I did market analysis to find the right rental rate.

on the one hand, if you're happy with it, and you believe in this market, and this is what you wanted, great. the fact that you're asking the question shows that you're being thoughtful about it.with that said, it sounds like you're into the deal for almost $90K out of pocket, and so if you asked me if i would put $90K of my hard earned cash into a property to get $175 month, the answer is no. 

Found it through a broker on the market.

This strategic flip leveraged our market expertise and efficient deal structuring to achieve a quick and profitable transaction.

You need income to qualify for loans, you can learn how to manage rentals well (something most landlords never do), you will figure out which communities/properties make the best investments, can earn an above-average paycheck, and may even find some investment properties before they hit the market.

You should be able to use departing residence income from the market rent when qualifying for a new primary purchase.

@Todd Anderson totally agree on finding a mentor in the market to learn from.

However, the property’s cost basis (what they originally paid) carries over to you, meaning if you later sell, you may owe significant capital gains tax on appreciation.Alternatively, selling the property at fair market value eliminates gift tax concerns, but your in-laws may owe capital gains tax on any profit.

Personally, I invest in properties in C-Class neighborhoods in my market (East Linden and Southern Hilltop), and they’ve been cash-flowing well so far.