hypothetical deal on by and hold (how would you fund)

[Jason Zullo]

So as I stated in earlier posts Im looking to secure my retirement by purchasing enough rental properties to allow me to live of the cash flow once they are paid off (any positive cash flow in the meantime would be re-invested)

So browsing this morning I came across a property one block over from my house for sale.  It got me thinking. So without knowing all the details but basing the ones I didn't know on my house (exact same house) I came up with these figures running it through the BP calculator.

This is all assuming I could get the house for a good price of around 185,000 (asking 199,000 and I paid 190 for mine about 6 years ago in better condition so may be able to get it for less) a little rehabbing (10k worth) would probably be worth around (210-220 conservatively)

If I went the traditional route

Purchase Closing Costs:$10,000.00
Estimated Repairs:$10,000.00
Total Project Cost:$205,000.00
After Repair Value:$215,000.00
Down Payment:$37,000.00
Loan Amount:$148,000.00
Loan Points:$2,960.00
Loan Fees:Amortized Over:15 years
Loan Interest Rate:4.000%
Monthly P&I:$1,094.74
Total Cash Needed

By Borrower:$57,000.00

I know with renting my basement apartment for $1300 and what I could rent the rest of the house for I could probably get about $3,000 in rent from the house.

The calculator put the cash flow around $800 per month (honestly that would be great but Id consider it a bonus because my goal is in the long run when its paid off to collect the rents for retirement and would probably use any cashflow in the meantime to re-invest in something else)

so here is what I have in terms of funds

roughly $10,000 cash

50-70k in equity in my home (based on what it would appraise for 210-240 owe 160)

my thoughts were pull the equity out of my home for the down payment and maybe enough for any repairs. Then use my cash for closing costs and just bank any cashflow to build those saving up again. This is all based on if I could even get a mortgage for the house.

Im sure I left out details but would you seasoned investors buy this as a buy and hold and if you would how would you go about it if you were me?