Can you BRRRR w/ conv. loan and a current tenant?

[Casanova Brooks]

Hey guys, so I'm thinking of purchasing a property listed for 69k. ARV is around 75k, and I believe I can get it for 55k. It is currently rented with a section 8 tenant for $1010 a month who would be a long term tenant as she's currently lived there for 13 years and wants to stay. Using the BP rental calc my CoC return would be 42.4% after putting down 25%.

My question is, would this be a smart BRRRR situation? I wouldn't need to necessarily do any repairs as it's already in pretty good condition and it would make it tougher to do any remodeling with a tenant in there. I would be funding the dp with my LOC, and the bank will perform an initial Evaluation of the property to determine a value, and the loan amount will be 75% of that Evaluation but won't exceed 75% of purchase price, so I just want to be sure it is a good situation for me to not have the funds tied up from LOC long term. Thanks in advance for any insight!