Does this deal make sense?

[David O.]

Hi - I am new to evaluating deals so any feedback is appreciated:

My goal here is a buy and hold- seeking cash flow:

?Purchase Price $30,000

?Rehab – $35,500

?Closing cost $2,500

?Total investment $68,000

Monthly

Rental Income $850

Expenses:

Property Management $85

Property Taxes $22

Insurance $60

I am plugging it into the rental spreadsheet and with 8% vacancy loss plus $2,000 a year in additional repairs I come out with:

8% cash return on investment.

Is there a level of return I should be seeking if I am looking for primarily cash flow properties?

Thanks for your feedback.