Average P/E ratio for rental property?

Average P/E ratio for rental property?

What is considered a good deal when it comes to rental properties? Specifically, what P/E ratio would you look for?
For example, if there is a property for $50k, and it rents for $550 per month, is it good/bad/ok?

Also, should I include insurance when calculating the price? How many of you use insurance on ur rental properties?

Thanks

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