There are lots of options for investors. As the market continues to shift you may decide to rent right now, offer a least to purchase option later, and maybe sell it in the future. Several investors I have worked with are doing well with their properties. Planning ahead may keep you out of the "Red" and put more green in your pocket for years to come.
Congratualtions and good luck!
And most important is the location of this property, all markets are local and improvement in one area might not mean improvement in another.
It sounds a big sum to come out of your pocket monthly. I'd also check with an accountant to get all the info on the depreciation you'll be able to claim on this investment.