Cedar Rapids / Marion Iowa deal analysis. Need opinions / advice

[Dan Jones]

I'm looking to make my 2nd deal and I really stumbled into my first deal so I'm pretty much a newbie.  That said I've been trying to analyze a deal in the Marion / Cedar Rapids area.  The property is on 3rd Ave in Marion, right across the street from a school.  My numbers are telling me its a good deal (19% cash-on-cash, 300$ cash flow) if I can get it for a good price below the asking.  The big question though and what I need help with is... will it rent for 1250$ which is what all my math hinges around.  If it goes for 1100$ its meh, 950$ and it starts stinking.  The street doesn't have any other 4 beds, 2(ish) baths, with a 2 car garage.  There are plenty of 3 bed, 2 bath, 1 car garages around that looks to be in the 1000$ rental income range.  I should mention that part of my analysis includes putting down 25,000$ in repairs/improvements (most from building a detached 2 car garage) with a home equity line of credit.

Basically I'm looking for advice on if other investors in the area think of this is a good deal or a stinker?  Would a 4 bed, 2 bath, 2 car garage rent for 1250$ in the area?  Would improving the house that much make it too good for the neighborhood?  I was envisioning the rental tenants being a small family with kids that wants to live in a nice place close to school and downtown Marion.  However, I recently talked to a real estate agent about the location and I got a bunch of ice water poured over over my idea.  She wasn't a rental expert, more of a buy and sell realtor.  Anyways, looking to get some more expert advice.

Please let me know too if I need to provide more detail too.  I'm not sure how much detail to post on BP.