Looking at my first deal and could use some feedback

[Jarett Cory]

I'll start out by stating that I wanted to focus on the area (Round Rock, TX) and nearby for investing but given my circumstances I'm not sure it's in the cards right now. I lost my house to foreclosure in CA in mid '13 and moved out to Round Rock, buying a house (with stock sale and father's help) out of foreclosure. I mention this because I am not able to do a cash-out refi on the house to access equity and I can't qualify for an FHS/Freddy/Fanny Mae loan due to the foreclosure.

I found a property in another state with two buildings and two units per building which is listed at $25k.  It's assessed at $38,000 for taxes.

I can sell stock and some mutual funds and buy with cash. The rents are a little low for the area since the units are on the smaller side but still can be raised from about $250 to $325.

Rent totals $975 currently (three units are on a year lease). Property takes, Insurance, Water/Sewer, Yard maintenance will be about $310 per month. Including turnover expenses and property management I'm estimating a monthly receipt of about $537.

I have not seen it yet (making a trip out Friday) but the agent said someone told her it would need a new roof but no timeline on when or the condition of the roof. She also mentioned that the seller would accept $20,000.

Can anyone give me any feedback or reasons why this might not be a good deal?

Thanks in advance!!