I bit the bullet! I put an offer on my first investment property!

[Christopher Lane]

Hey Team, I did it. I put an offer on a place. The SFH originally hit the market for $74,900. it was listed for X months and got lowered to $60k. I waited about a month and put an offer of $47k on it. Did I offer right? there are no other offers on it. I had my realtor look at it (I'm currently out of the country) She said it was a great looking rental, room for upgrades but the rent is currently getting $1100/mo and I don't know that it would really need to be upgraded since I wouldn't be able to get that much more in rent if I did.

I have to put 20% down if the offer gets accepted. How easy would it be to get that back so I can get another rental property? I understand the concept of cash flow and appreciation, I understand BRRRR strategy and things like that; what I don't truly understand is how to refi quickly to get capital to reinvest. The ARV, based on comps and comparison is priced right at between $60k and $75k.

Management is going to cost me 10%/mo and tenant pays all utilities.  Currently rented and will be asking the tenant to sign a new one (hopefully two) year lease upon closing.  The home will have a clear CO from the city and that will help my mortgage rate since it will be generating income from day 1.  The tenant is nice and respectful from what my realtor says and has historically paid on time.

The house is being sold As Is - is that bad or not necessarily bad but I should look for some things, or not a problem at all?  

I saw pictures of the house, relatively new water heater, new electrical panel, good foundation, the roof is ok, but I see it needing repairs down the road maybe 5-10 years.  

Is this too good to be true, or am I missing something? I would be netting about $600/mo cash flow.