First offer on a Buy and Hold property.....Too Risky??

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Hello BP!

I found a Multi-Family property that was obviously priced way below market value at 20,000. This is a bank owned property and it is in good condition! All it really needs is some minor updates, paint and flooring. I am anticipating multiple offers....

Here are the numbers based on a purchase price of 35K     These are very conservative numbers

I used the BP rental calculator to estimate:

ARV: 70,000

Monthly income- 2000.00

Monthly Expenses- 1900.00

Monthly Cash Flow- 58.00 until year 3 or 4, then it will be 1,083.00

YEARS 1-3

ROI-4.25%

YEAR 4

ROI- 80.06%

FINANCE TERMS:

I plan to mainly use credit cards to purchase this property. This would be at 3% simple interest and then 0% for 12 months. Which means after the 1st year I would have to transfer balance and pay another 3% transfer fee in order to maintain 0% interest for an additional 12 months. 

I believe my debt to income ratio would be too far out of whack to get approved for a home equity line of credit on this property. I currently make a very modest income on purpose while attending college to acquire a degree in Business. 

Any input would be helpful:) Thanks in advance!!