OK to buy a break-even deal if the cash flow is positive?

[Langdon Root]

I have an opportunity to buy a triplex in a small-ish town.  The owner is 80 years old and just wants to retire from landlord duties.  She owns it free and clear.  The list price is $80K, but after doing the comps in the local area for similar properties, it's value is $73K.  If you go buy the 10% discount rule in "Hold," then I should offer something close to $66K for the home.  I haven't walked through the place yet, but based on conversations with the owner it sounds like I'll need to make $10-15K in repairs.  After repairs, the property may be worth closer to $100K.  All that being said, all three units already have renters and the monthly gross income is $1800.  Using the BP rental calculator, I'd still cash flow about $400 a month if I bought the place for $80K and paid the repair costs out of pocket, effectively buying a "bad deal" by all intents and purposes.  So the questions:

Is it OK to buy a break-even or bad deal if the cash flow is so positive from the get go? 

Thank you for any and all inputs.  I'm fairly new to this. This would be my third property and first multi-home deal, so help me see myself BP family!!

Thank you.

Langdon