New investor Vero beach FL
Hey, I live in new York and bought my first investment property in vero beach florida. I own a home in new York but I decided to try investing in florida after reading long distance real estate investing and doing some research. I bought a 3 bedroom 2 bath in vero beach I paid 207k for it 20% down, my mortgage with taxes and insurance included is $1,130/month and im paying my cousin $150/month to manage the property. I was originally looking to get 1900/ month rent and had no luck after about 3 weeks of advertising on Zillow, facebook, and a few other websites so I ended up dropping the price to 1700 a month and still only have a few people interested. im looking for some advice from someone who knows the area is 1700 too much to ask? am I advertising wrong? should I hire a real property manager?
1,130+150= $1,270
at 1700 I would have $430 cashflow is that good for a single family home in this area? should I be looking elsewhere?