Should I eat into my savings for a good deal?

[Dave Thomson]

I've currently analyzed a solid deal that would result in a monthly cash flow of ~$615/month, and has a ~31% Cash on Cash ROI (used the biggerpockets rental calc). However, I'd have to eat into my savings in order to do the deal. This would be my first investment property, and I'm currently in the process of rehabbing my house which we just bought a month ago. I would only have around $5k in savings after all is said and done between purchase of the investment property and rehabbing my current home. Any suggestions?