Think I may have found my fist deal! Please advise!

[Chad Offerdahl]

Single family house near a retail area, surrounded by homes with values around 140K-170K. It needs a lot of work on the inside. (Approx $30-$40K)

110k house, (buy at 100k)

Rehab $30-$40K. I used 40K for planning purposes.

Fair market rent for the area is between $1000 - $1300. So for planning purposes I used $1100

$0 hoa, $132 management (12%), $110 vacancies (10%), ($110) for repairs (10%), $80 Insurance, $125 Tax

-------

1100

-557

543 cash flow

6516 per year cash flow if I pay cash. 4.7% ROI

Would this be ok to get my feet wet? 

Thank you!