Rental Property: Taxes and Insurance

[Jimmy Ma]

Let me begin by saying I'm new to investing in foreclosures as rental properties. I have a few questions I hope someone here can help me with.

I'm thinking about buying a second house in my neighborhood (foreclosure). It's an investment property that I want to rent out. My neighbor tells me that I can expect to pay 3x the amount of property tax and insurance that I do on my own residence for this rental property.

Is this correct?

Location: South Carolina
Property price: 65k
Expected rental price: 700/month - 10% for management company