From Ramsey Disciple to Interested STR Investor. Help!

[Chris McKenna]

Hello -

I am a disciple of Ramsey's Baby Steps and for those of you that follow him, I am on Baby Step 6 (Pay down my home mortgage) + Pay off my second home which has become an investment property since we left Maine for Texas and our lakefront cabin has turned into a great investment by accident. 

Now I'm hooked on finding another one (Lake Front Cabin). Our retirement plan is to 'buy and hold' so we can manage a handful of cabins in our retirement as a second career and move back to Maine in 15 years. 

I have a property I have narrowed down to and think it checks all the boxes...my struggle is breaking the Ramsey cycle and I just need some validation from experts that I should look to get into a property with as little money down as possible and try to boost by CoC.

Here is what I have worked out with the bank. 

10% Down (Includes PMI ~ $40/Month)

Rehab financed (Mortgage and Rehab can be up 80% of the ARV)

$140K target price, $50K rehab  - Total value of loan = $190K

ARV = $225K

Cash Needed - $23,200

Cash Flow - $614/month

CoC - 31.8%

Thanks so much for some advice here!