Potential first deal - I think the numbers are tight.. Right?

[Antonio Palumbo]

Hi BP - So i learned about about BRRRR investing last week. And want to buy something this week. I feel like I'm over my head.

Here's the property:

https://www.redfin.com/NY/Mahopac/78-Orchard-Rd-10...

It a foreclosure listed at 99K in Mahopac (Zip 10541) I can get it for 80K cash.  (which I have) Needs a ton of work.  I'm guessing 30K but really have no clue.  I looked at what it might rent for based on comps so i think 1100 is a conservative number.  I live 15 minutes away which is why I found it attractive 

Thoughts? @Austin Fruechting; @Andrew Johnson, @Cody L., @Steve K. anything i should be thinking about?  I can play with the numbers to make it work but it seems like a stretch? 

[Austin Fruechting]

Look around at other rentals in the area, see what level of finishes would get you the best bang for the buck (such as is there a big difference in rents if you do solid countertops/stainless appliances/tile floors/etc or is there a minimal difference between that and a good looking laminate/white or black appliances/vinyl floors/etc). If there's a significant difference in the rent, or if they all have the higher end, it may make sense to do it higher end.  If there's only a small difference in rent, or if no one is doing the high end, it would make sense to do the cheaper finishes. When you know that you could visit it with a contractor and get an idea of costs based on the finishes. 

You'll also want to know the approximate value of it after the work is done.  With purchase and work you'd be about $110k in.  If it would have a market value of $115-20k, it would probably be better to just buy something already done.  If you have a couple overages you might end up at the same costs.  If it would have a market value of $145k then go for it.  Afterward you could refinance it for 70-80% (depending on the bank) of the value and get most/all/more than your cash into it and do it again.