Purchasing rental property using a line of credit

[Tony Wilson]

I am looking at buying a rental property, but I have no down payment. I was thinking of utilizing a line of credit of $25K-35K for down payment and closing cost (6.2% interest). I believe this is a great deal of a duplex, however, the cashflow calculator doesn't pencil out when taking the line of credit into consideration I have to pay back. The duplex is $150,000 asking price and after roughly $15,000 of new paint, carpet and appliances, it'll be worth $200,000. The total rent should be $1,950. Would this still be a good deal?