Details for my first property. Is it a deal?

[Tyler D.]

After several weeks of searching, I'm about to put in an offer for my first purchase. I'm about 80% ready to go but want to know your thoughts on whether or not it's a good deal.

Price: $45k

Rehab: $3-5k

Rent est: $600-700

Cap rate: 7-8.5, depending on rent

The house is a 2BR, 1BA in a nice neighborhood with low crime, has a garage and a backyard. Minimal repairs needed, just some ugly carpet with hardwood floors conveniently underneath. Old bathtub and old water heater that I plan to replace.

I plan to buy with cash and get a delayed mortgage. With 10% vacancy, 10% maint, 5% capex, mortgage, taxes and insurance, I'm looking at a small cashflow of less than $100/ month, but I think these are pretty conservative numbers.

For the experienced investors out there... is it a deal?