Potential first Hold deal. Need advice.

[Dan Costantino]

Potential first deal: I have an in on a house in a working class neighborhood. Rent will be right around $650. I could acquire for about $7500, but I would need to put about $10,000-$12,000 into it. The house will only be worth $25,000, and there is no appreciation in this neighborhood. Strictly cash flow. I can refinance and be in it for roughly $7500-$8000.
To me, that looks like a good deal, but I'm new. Opinions?