New Investor - If you were me, what would you do?

[Kathleen McCabe]

Hi all, I need some advice on a deal. I found a 3 bed / 3 bath house listed for 70K in Fort Worth Tx, 2,327 sqft. All the surrounding houses are listed for around 240K.

 The average rent for 3 bedrooms in the area is $1,500

Mortgage$273/Mo for 30 yrs fixed

Taxes $136

Insurance: 25

CASHFLOW: $1,066

According to the listing it should take about 30K or rehab, so to be safe I would make that 45K. ( I would of course get a few bids from contractors, but I saw the listing an hour ago so bare with me)

I can afford the down payment of 14K for 20% down. But that's all of my money.

I am expecting a minimum bonus at work next month of 15K - could be closer to 22K not sure yet.

Would this be worth getting under contract and getting some contractors to make estimates? I believe I could pull out if needed in 30 days, correct?

I am nervous about how I would afford the rehab. I could of course put my 15K bonus towards it next month but that would require me to come up with 30K line of credit somewhere and not sure where, and the uncertainty makes me nervous. Credit card? bank loan? I have a very strong w2 and good credit. 

What would you do? Am I jumping the gun? Initially I was going to save for money this next year so I could make a cash offer on something and brrrr but this deal seems too good to wait.

Thanks in advance :)

Katie