I am looking for first rental property investment ...exploring nearby areas. Townhomes in the range of 260-290K...fetching $1600-$1700 rent. Basically Mortgage + Tax+ insurance + HOA are almost equal to rent. I know there would be maintenance cost on top of it say $200 per month. These houses are 10 year old and in good school district so expecting quick to rent.
I see there would not be positive cashflow but I am looking for diversified investment from stock market. I guess..there are tax advantage too and after 15/30 years ..property would be mortgage free so basically I will have an asset worth 250K.
Please advise what I am missing and whether if such investment makes sense. Thanks in advance!