My 2nd Rental

[Chad Deberry]

Hello BP,

So I went under contract on my second rental today and looking for guidance/reassurance that i'm getting into a descent deal. It's a 3br/1.5ba within 2 minutes from downtown Jacksonville for $64k (listing price $69K). It will rent for $800. The listing price was slightly below or avg with the comps. 

After all the expenses it will cash flow $192/month. I'm having it inspected this week. When I looked at it with my realtor last week it seemed to be in pretty good shape, some small cosmetic repair if anything but for the most part looked good inside and out. After running numbers in BP calculator this deal gives me 9% pro forma cap rate and 14.4% cash on cash. 

I guess I have two questions. 

1) When analyzing a rental, what kind of cash flow are you looking for after ALL the expenses. Do you have a target number? $100? $200? etc

2) Where would you go from here? I guess part of me is worried since I can't add any immediate value. Since it's doesn't need to be rehabbed it doesn't quite fall into the BRRRR strategy. Since i'm putting 25% down is doing a cash-out refi the standard here? (after 6 months to a year of course)