Working on 1st Deal

[Dustin Barr]

Looking at picking up a single family home for rental. Foreclosure. Purchase price is looking to be in the $27,000-$29,000 Range. Roof is in need of replacement ($4-5,000) and could use some carpet replacement and made some laminate flooring and misc, paint, cleaning ($2,000) Property should rent for $700-$750 Per month. Taxes are $914 a year. Realtor says with new siding added he thinks the home would list for $70,000-$74,000. Home will be financed 80% with us putting 20% down and paying closing costs as well as paying cash for the improvements. We can do interest only on the loan till it is ready to rent out. 2 Months? Waiting on quote for insurance but guessing $300-$400 range.

Anything I'm missing or should be looking at differently?