Self Employed/ Pandemic Unemployed - Cash Purchase vs No Purchase

[Dave Dupuis]

Hi everyone - 

I'm self employed and currently unemployed due to this pandemic, expecting my profession to start kicking back in full swing in late 2021 or probably 2022. I have been eager for years to get into real estate investing but because of work and life I've been putting it off. Now is the time and I have the cash in the bank but do my limited self employment income have yet to get approved for any financing options that make sense for any deal to work out. 

Am I just foolish to buy a duplex for cash as and investment/ not owner occupied ? Still leaving a pretty good amount of liquid cash available for future deals.

My thinking is this cash purchase will give me cash flow/income which in turn will make me more eligible for future opportunities and mortgages.

See the deal below which is in Southern New Hampshire where I am from, know the area and am looking to invest in.

Purchase w/ Closing costs would be 205K

Using the trusty BP calculator after - 6% Repairs & Maintenance - 6% Vacancy - 6% CapEx - 6% Management Fees -

I would be cash flowing 1150/ month a 5.7% return.

That said, I think the cash flow will be better as I will be self managing (from out of state though) and the building is in good shape so hopefully won't need too much repair/ cap ex.

Am I just a newbie fool? If you think so what other RE investment angles would you suggest?