Investing in Manayunk, PA?

[Arjay Vergara]

My wife and I are looking into purchasing our first investment property. We want to do a buy & hold deal.. looking in Manayunk, PA. Does anyone have experience with this market? 

We found a 3 bed, 2 bath for $230,000 that's turn-key, so total expenses are about $1100 per month. Average rent in that area is $1500.. are we overlooking something?

Thanks!