Terrible first deal?

[Amanda N.]

Looking at buying an AS-IS out of state 10 unit apartment complex, listed at 80k (tax value) cash only, I know we can it get for 65. It's a disaster and from our inspection, estimate it needs 60K to rehab. We know and trust a team in the area that can handle construction and property management, etc. We have the cash, I'm just not sure it's the right deal for our first property. The rental income is 3500 and should be 4000 once remodeled. Expenses are 1800 (water, prop management, vacancies, & repairs). If we fix it and get rent it out and refi in a year I think the ARV should be 220-250k. Would you do the deal? Would you refi or just keep your money in it and have a higher cash flow each month? Thanks for all the help!