GO or NO GO

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Looking at a house in the 19119 area.

This one is a three bedroom (really two bedrooms and an office) one and a half bath with a small yard.

I'm thinking of offering 140,000 with a zero down loan and tying all purchase costs into the loan, bringing the mortgage to 155,000, with a monthly payment of $830 which includes taxes and insurance.

It needs some roof work, Im going to refinish the cabinets, and change the closets around. All told probably under $10,000 in renovations.

Rents are in the $1250's....

Does this make sense? I feel like its a winner. Am I wrong?

Any Advice is hugely helpful for this NEWBIE!!