First Property Ever. How does it look?

[Eric Schwake]

Hi all.  I recently funded my SDIRA and I plan to make my first rental investment ever inside of it.  I have found a house on Roofstock that I want to go for.  I am using Roofstock because I'm from Oregon and it's nearly impossible to find the kinds of houses that are available on Roofstock for the money I want to pay.

The house I'm looking at is around $80K.  It's been on the market for over 400 days so I plan to offer $72k cash and will go up to $75K (the Zillow estimate for the property is $83K).  I assume the property will need ~$7k in immediate repair costs before being rentable.  Unlike many properties on Roofstock this one hasn't had an inspection yet but I plan to have an inspection contingency built into the offer so I can back out if repair costs appear to be much more than $7K.  After running some numbers I think the property would cash flow around $6K per year.  The other benefit of this property is that it comes with Roofstocks rent guarantee for a year where they will pay 90% of the estimated market rent for the property while I'm looking for a tenant with my property manager.  Obviously I plan to have someone in the property much sooner than a year but it's nice to have that little cushion to help avoid some risk.

So after saying all this I wanted to see what you all think about this.  Should I go for it?  As this is my first rental ever feel free to let me know if I may be missing things.  Really looking forward to everyone's advice and excited to get into this form of investing.