Should I do this deal?

[Adam Garcia]

In my previous thread I asked about getting around fha owner occupancy requirements with traditional funding but the best anyone could come up with was basically taking out a private/hard money loan.

I have a property that I can buy for 71k and needs 15k in rehab costs. 

The loan terms I have are 4 years at 9.5% with 2500 in origination fees. I would only be financing about 55k and would not finance the rehab costs. After the 4 year term is up i could refinance with the same terms or pay the balance in full. 

I already have 1 unit in this condo complex and it is netting me around 2300 avg per month in net rental income as it is listed as a vacation rental and has high occupancy.

I am a noobie investor so looking for some seasoned pros to help me see if this deal is worth it. 

thanks!