Interest Rate on Sub 80k Property

[Keith Doe]

Hi all,

I have potentially found a deal. Townhome asking 60k. Newly renovated with tenant in place. Going through the listing agent's recommended lender and he came back with 3.25% but after all fees the APR comes out to around 8.25%. This would be my first deal and I want to make sure this is common?

At that rate though, this property does not cash flow.