1st BRRRR out of area questions

[Mark K.]

I'm looking to buy a distressed SFR 3/1 for $24,000. The estimate for a full rehab to get it rent ready with a one year guarantee of no maintenance that I have to cover. The estimate is for $21K.

So, $45K in with seller paying half of closing costs, so an estimated $700 paid by me for closing.

I got a refi estimate.  It came in at 6.25% interest 30 years fixed with closing costs of about $4500.  The refi amount is $45K with the closing costs paid out of the refi. 

My goal is to always have at least $200 positive cash flow on all of my rentals.  

If I can get $800 a month in rent, I'm still under $200 in positive cash flow. It would still have great ROI as I'd only have about $5K out of pocket.

Yet, should I get this if I can't get at least $200 in positive cash flow?

Any thoughts?