No Cash flow but lots of Equity?? HELP

[Raffie Mardickian]

Hey guys, I need some advice on a potential investment (Rental property), I've been looking for a couple of months for my 1st rental property and something came up this week, in a great neighborhood, 200,000 ARV selling for 150,000 with minor cosmetic repairs needed. My initial thought was, WOW! 50,000 initial equity in the house in a great community with value continuing to rise. After I did all my calculations, with expected rent and taxes, insurance, expenses , including repairs, vacancy, cap ex and prop management. With 20% down I would be breaking even each month, taxes are ridiculous!!- NO CASH FLOW!....I would have to put around 40-45% down to cash flow , or I could essentially buy cash with LOC and then refi the full amount because the ARV is soo high. I could be basically just paying the closing costs out of pocket, but still NO CASH FLOW!! I don't know what to do, this house will not last long, Do I walk away? Do I put more money down to cash flow, but be out of pocket 40-45K or should I refi, and be low money in, but NO CASH FLOW???? Please help!! Thanks