Who wants to help me analyze a deal?

[Julian L.]

I've found a off-market property in my old college town that I'm thinking about getting into. It's a off-market deal that I found through an old property manager that I used to work with several years ago. The property is in the midwest and I'm in California, however I have a property manager I know and trust lined up and ready to go for 10% of the monthly gross income. 

The Numbers:

Purchase agreement is for $95,000 and needs between $10k - $20k worth of work. I've seen similar homes in the area for $120,000 - $130,000. 

It's currently rented for $1,100/month. 

Based on the past 24 months of operating reporting that I have, it looks like the average expenses is $452/month (including the property management fee). If I borrowed $76k and put 20% down at 4.5%, my monthly payment would be around $450/month, plus taxes and insurance. I'm only looking at a monthly cashflow of $150 - $200/month. 

The overall goal is to buy and hold this property for years. Is this a good deal?