Running Rental Numbers: WWYD?

[Martin N.]

So I've been researching and eyeing out of town properties for a while now. I have two properties lined up that I'd like to purchase as rental properties.  I've made some assumptions, but wanted to crowd source some opinions on the deal.

Properties are in well populated C+ class urban neighborhood (where I plan to focus my investing) and I plan to Buy and Hold both properties. Cash purchase and will Cash Out Refi after 6 months as they should appraise for +$25K each.  Well trusted PM will take 8%. Take a look at the numbers below and let me know if you like the deal.

Property #1: Purchase price of $17,500, newly touched up, renter is moving in now and just signed a 12 month lease at $550 per month, tenant pays all utilities except for trash ($60 per quarter), city just completed and approved an Inspection Report.

Property #2: Purchase price of $17,500, needs to be refreshed (estimating ~$5,000), renter has been in for over 6 years, current lease at $650 per month, tenant pays all utilities except for trash ($60 per quarter)