New member, 1st offer in!

[Shawn Parker]

I am brand new to real estate investing and was hoping to bounce my situation off of some experienced investors. Largely to help talk my nerves down a bit, lol. I have been reading and listening to BP pockets for sometime now. I was practicing running numbers and learning my market, with no intention to buy. When I can across a deal I liked. Within 4hrs I did a walk through and that night offer was in. With multiple offers in I had to counter higher, still going to cash flow but not as nice of a deal. The numbers are as follows....I still have an out with inspection if I should run from this one.

Offer $190k, first time home buyer 5% down. Taxes are $3,100, insurance $900. I estimate closing costs at 4,000 with seller paying 2100. 

Very nice 3 bed, listed as 1bath but 2nd in basement bungalow. Nice trendy young professional area in Metro Detroit. Comp rents are 1600-2100. With comp 3b2b homes topping out at 225k-240k

House appears very well kept, but outdated. With little to no experience in pricing out reno I run a low end estimate of 10k to refinish hard woods, lay floor in bath and kitchen, hang drywall in all 3bed and 1 bath, and paint everything. High end add maybe another 20k to Reno for adding 2 bathroom down stairs, apox floor spray paint ceiling.

If this is still a good deal, I am wondering how much money should I sink into this rental. I have no exit strategy, plan is buy and hold forever...unless huge opportunity to add more doors in the future requires it.

I appreciate any insight, love this website and forum. Thanks!