New member from Tucson, AZ

[Tom Albares]

My name is Tom and I am a new member from Tucson, AZ. 

My wife and I are currently in the process of trying to buy our second rental property here in Tucson.  About a year ago, we bought a small house (696 sq ft) in Cortez, CO for $62k cash.  Our original intent was to use it ourselves to escape the heat in summer, and possibly rent it out on websites like VRBO or AirBnB.  But the house came with a tenant who has lived there for over four years and always pays his rent.  So, we let him stay and collect $600/month rent (actually $540 after property management).  So far, so good, and the return on the money is better than that found in a bank.

So now we are looking at a 3 bedroom, 2 bath home built in 2001 in the Midvale Park section of Tucson.  It's a blue collar working class neighborhood, but has a lot of amenities nearby.  Owner is asking $135000 for a 1532 sq ft home.  A/C is iffy.  No refrigerator, washer, or dryer comes with the property (although there are fine hookups).  The two drop in shower/tub combos need replacement.  The interior needs paint.  The house is tile and carpet.  Tile is fine.  Carpet needs cleaning.  Backyard is block wall fenced (good) with nothing and I mean nothing in the yard.  Dirt and weeds.

So we're making on offer of $118000.  I think with $5000 - $7000 in repairs and landscaping, we could have a nice place to rent for around $1000/month.  Cash flow would be about $400 per month. 

So I just wanted to introduce myself, explain my situation, and ask for any advice you can give me.  Thanks!