New Investor in Indianapolis looking for help

[Cody Hirons]

Hello everyone,

I have been a BiggerPockets member for over 6 months now but this is my first post!

I have recently bought a home that has sat empty for 3 years in Indianapolis.

The house needs a lot of work but doesn't seem overwhelming. My plan is to buy the house and live in it while renovating it to then sell it once its done.

I bought the house for $58,000. Comps to mine that have recently been remodeled in the area are going for $130k - $140k.

I estimate the house needs about $35k in repairs, I am in for $6k in closing costs, allow another $10k for selling costs, mortgage payments for one year $7.2k. 

130K (selling price) - $58k (mortgage) - $10k (selling costs) - $6k (closing costs) - $7.2 (1 yrs mortgage payment) = $15.3k in profit before taxes. 

ROI = (Profit/ Cash invested) = $15.3k / ($35k (repairs) + $6k closing costs + $7.2 mortgage payments = $48.2k) = 31%

Is this a decent ROI for a first investment property?

Also I need suggestions on funding the repairs costs. I doubt I could refinance the home because of my limited job income from one employers for over 2 years.

Thanks!