Need help analyzing deal

[Michael Petruziello]

Hey BP-

I found this deal that I need help analyzing because to me, it sounds to good to be true. 

A landlord responded to one of my absentee mailings and he wants to get out of his SFR rental because he is tired of being a landlord.

The property was previously rented out for 4 years (same tenant) at $800/month and based on rent comps within the neighborhood, the median rent is $800/month. The neighborhood is lower income and most other properties on the street are owner occupied with no vacancies. 

Summary of the Property Details:

Type: SFR
SQFT: 1504
Rooms: 7
Beds: 4 (5 with attic)
Baths: 2.5
Other: Two car garage, semi-finished basement
2015 Taxes: $1,044.66

The property needs updating. My partner (contractor) walked through it, and to bring it up to date he said it would be about $10K. 

My thought is to offer this deal to another investor that would like to add to their rental portfolio. I do not have any rentals, nor do I plan on having them. 

The owner is asking $30K for the property but the comps have been all over the place within the last few months ranging from $16/sqft - $46/sqft. The majority of the active listings for the neighborhood are around $30-$45/sqft.

Based off my analysis, if an investor purchased the property from me at $61.4k ($50K purchase price plus $10k repairs plus $1,400 cost of purchase ), the investor would have around $500 positive cash flow per month.

Another experienced real estate investor told me that we need to present both options; flip and buy/hold. But this is obviously not a flip opportunity. 

My question is.. What am I missing here? Would an investor not want the property because he/she wouldn't make money on the ARV?

Please let me know if you need more information. Your help is greatly appreciated. 

Thanks,

Michael