Invest or Not to invest?

[Harvey Roberts]

I'm looking to invest in my first rental property and would appreciate some advice. Naturally this is scary and risky for me. I have a 3-bedroom, 1 bath, 1000 sqf property that I can purchase for $25,000.00. The outside is in really good shape, the yard looks good as well. The inside will need a complete renovation. Floors, walls, new A/C, kitchen, everything. I’m looking at this renovation cost to be around $45,000.00. This would put my all-in cost at $70,000.00. I believe I could get $650 month in rent, based on some other rental properties in the area. I don’t know what the value after repairs would be. The property is in small town rural Arkansas. Is this something I should really consider, or walk away?

Any advice of course, is greatly appreciated.

Harvey