[Brother]

Most investors would like 8% or better return after expenses on a free and clear property. So in your case, it would be nice to get $20,000 after your expenses like taxes, utilities that you cover, and insurance.

So can you charge $833.33/month? You have to research the comps in the newspaper like previously mentioned.

If you can't, that just sucks. Real estate as great income producing investments is being bid too high and might be a thing of the past.

Are you planning on selling the property in a few years? If you are just speculating on the price appreciation, then who cares.