BRRRR property value minimum?

[Andrea Castor]

looking at a condo in a B/B- neighborhood. Asking $24,900 but fairly confident a $20k cash offer would close the deal. It's a 3 bed, 1 bath (1300 sq ft) plus attached 1 car garage. Needs about $10k to get ready to rent. Will be able to rent between $700-$800/mo. 

My question is whether I'll be able to refinance? Comps in the area used to go around $50k, there is one listed for $46k but has been on the market for some time. The rest of the comps in a fairly large circumference have all been foreclosures around $25k-$35k. Assuming that's all it's worth, can you refinance for such a low amount? Is it even worth it?