First deal...is it worth it?

[Andrew Nesbitt]

Seller willing to 100% finance 2 unit property. Gross income currently under market and property is renting $500 per unit. (Seller has some deal with tenant that he gets discounted rate for helping him do handyman stuff on another property.) So currently the the property looks like this.

Gross income $1k
Minus
Taxes & insurance $150
Vacancy $100
Maintenance $150
Mortgage $800
Property management $100

Cash flow -$300

Tenants lease up at the end of 2013, and I can then kick them out/raise rent then.

Market rents would be about $1600 per month, so then it would look like this...

Gross income $1600
minus
Taxes insurance $150
vacancy $100
Maintenance $150
Mortgage $800
property management $160

Cash flow +$260

Note: refinancing would increase cashflow another $150.

Ok, there is one more big caveat. Property is about 2500 miles from me. Is it worth it to pursue this? I don't have much in savings (just over $10k) so I thought this might be a good first rental property for me. Basically a zero down deal(sort of)