Is this deal too good to be true? Advice needed for 1st time Buyer

[Austin Mulhern]

Been a long time lurker, first time poster. Just finally bought the PRO version so I can kickstart my a** into this deal. Need some advice on this.

My father is willing to sell me a home he bought for 47k cash in 2013 from a foreclosure. Its a 3 BR/2bath 1600sq/ft home in Nanticoke PA. Not the best area exactly for an appreciating market, but thats okay because if my math is correct here, this is too good to be true. He bought it hoping to rent it out but it ended up being too much work for him, and hes willing to sell it to me for what he bought it for. No hard feelings, I told him my plan, and hes totally on board. Here are the details:

Purchase price: $47,000 

Current Zillow Zestimate: $156,000

Average rent for the area with similar specs: 900-1300.

See my report here: https://www.biggerpockets.com/... (Yes, I'm aware I didnt fill out the variable expenses (vacancy, etc etc) but to be honest, if this thing doesnt rent out for 6 months, the 300$ mortgage payment is not a deal breaker to me)

Once I buy this thing, it seems that I'm immediately gaining tons of equity. My plan would be to put maybe 10-15k into it and get it in tip top shape, and rent it out for the next next 5+ years. I currently rent an apartment in NYC and am wanting to relocate to NJ or upstate NY soon, but prices are insane to buy anything I want. My hope is that I can get this property and once I'm done with a small rehab, get a HELOC on it so I can buy a home to live in instead of renting. Thoughts on this plan?

The ONLY caveat is the current renter hasnt paid rent in over 6+ months. I havent had a chance to talk to the guy at all, but if I put some effort into it I know I could get the guy out. My dad is just a non confrontational guy and doesnt want to deal with it. There is no lease so nothing I could do legally from what I gather. Should I try to get him out before I buy this thing, or buy it and figure it out later?

Lots of info here I know, but I feel like I'm in the analysis paralysis stage. Have been running the numbers on this thing for over 6+ months and am scared to pull the trigger. Any thoughts or advice from anyone?