Buy rental for cash, then what?

[Account Closed]

So I found a property that will rent for $500 and I can buy for 30K cash.

My problem is that I then will have 30K + 5K (repairs) tied up for a couple years until I could do a cash-out refi. There is no way to figure "cash flow" if I don't have a loan. At this point, do i just figure 50% of $6000 annual rent ($3000) and consider this a 3000/35000 = 8.5% annual return?

I assume it would be stupid to get a secondary market mortgage for such a small purchase price due to all the fees, etc.

Thoughts?