First Rental Property Under contract

[Patrick Rowe]

I have a 3 BR 1.5 BA Under contract for $55,200 and the appraisal came back at $83000. My banker is willing to lend me $77,000 to purchase and make repairs with no money down. The property is a fannie mae property and it only needs about $5000-$7000 in repairs. I have a banker that's going to finance the purchase of the property and the repairs. There's similar properties on the market for around $98,000 -$100,000 but the banks appraisal came in lower than what I expected. these are the terms below.Let me know what you think.

Rent according to rent o meter, prop managers $1100-$1200

Loan - $77000 @ 5% for 30 years = $413.35

Management- $96

Vacancy-$ 96

property tax- $82

insurance $83

Cashflow $ 429.65