Help for a newbie ... good deal?

[Mike Clark]

I'm looking to get into real estate investing. I've read many many posts here ... GREAT STUFF! But ... I can't find anything that has positive cash flow (by 100.00 per door) after paying the mortgage. What do you think about this...

An updated single family house that I hope to get at about 30% below the appraised or FMV. I can get a 12 year mortgage at 6%. But, I would only make about 100.00 over the mortgage amount.

House Value - 44,000
Bid - 31,000 (owner is motivated)
Mortgage is about 420.00 including taxes and ins.
Rent is about 525.00
Hoping that the 100.00/month takes care of repairs.

My payoff would be in the house when it's paid for... right? Does that make sense?

Thanks in advance!