Crossroads; Refurb and Hold or Filp

[Account Closed]

Easy market in small town; scarce rental opportunities available with a healthy demand. 

I am interested in acquiring my first property, but it has some variables that are not ideal:

1 BR/1 Bath and not expandable, needs full kitchen refurb, new roof, minor interior work (paint and floor covering)

My main concern is the 1 Bed aspect as that puts me in a small niche of buyers. I am able to do most all of the refurb myself minus the roofing install. But my total reno cost are still around $10k. 

For the good: It's listing at $35k, huge lot and growing community and school system. Taxes are little to nothing and the home is close enough where I can do all the property maintenance myself. I could fill the unit at $600/mo very easily, possible get more if I waited a few months. 

There's the basics, here's my question if you will. After the purchase and reno, I will be in around $47-50k. But in this market, the home will have a value of $55k-60 at best. So, in order to recoop my investment, which avenue would you go down, either reno and hold or flip?