Found my first possible deal!

[Account Closed]

Pretty exciting! So I found a 3/1 SFH in a decent area of a small city. Owner is a widow and is now living with family member. She had a renter who ruined carpet and kitchen linolum. Actually has nice wood floors that can be refinished in all rooms but kitchen. This is a 900 sq ft house. Its in decent shape, built in the 50's. She wants "25 to 30k". I mentioned seller financing and she was very interested. House is paid for. I am just practicing at this point finding deals but will gladly make a deal. It needs about 2000 in repairs as far as I can tell. She said it previously rented for $850. This seems on the high side for the area but not out of line. She is going to talk to her attorney and get more guidance on seller financing. I told her I could not put anything down as I would need that for repairs. So here is what I am thinking. Offer 20k, 0 down, 10 years at 5%. This would give her just over 25K after the loan is paid. The house asseses for 53K. I think I could get $750/mo in rent at minimum. So it meets the 2% rule and would cashflow at $162/mo using the 50% rule, assuming the 2000 in reno and 1000 in closing costs (not sure what that would really cost yet).

Other questions:

Would I be wise to get a professional appraisal and/or inspection? Or find someone who knows what they are looking for for a quick walk through. ie friend?

Any ideas on closing costs?

Would love some feedback if that is enough to go on! Thanks!