How to set a rental price?

[Matt Kelty]

As a beginner, I’m looking at my first deal and not sure if it’s going to profit the way my wife and I are hoping. Our biggest question is how to set the monthly rent price?

The cost of purchase is around 120k and the realtor tells us the location will bring 1400-1600 a month. However, every example I can find is closer to 1100-1200. How do you tell the going rate?

Is there an app or website that you guys are using to help set rates?

Thanks so much for all of your advice. Hope to hear from you all.

Regards,