please help me analyze my first deal

[Anna Stratton]

hello all,

I had planned to BRRR a property for our first investment.

After a few months of searching and several "no contract", i finally have a contract on a house.  i am asking for help to analyze this and how to fund the deal

neighborhood- C+/B-

listed $100K,  buying for $43K

the house is a 1940s 4 br/2 bath, 1450 sq.ft. , is currently occupied.   needs medium/heavy rehab. such as new cabinets,appliances,  bathrooms, update electrical and some plumbing, wood floors in good condition,  it has window units for A/C ,as most of the other houses in the area, forced heat.

I only want to put about 20K in renovations  and  can have it ready in 3 mo.   We plan to do much of the work ourselves.

total cash in -$64K

estimated ARV-$120K

rent is expected to be $1000/mo

this is a cash deal, no financing and i have 30 days due diligence from today.

my questions:

1.  what do you think so far?

2. flip or BRRR?

2. I have cash , but should i use  hard money or my cash? is there an advantage for either?  I really don't want to tie it up here for 6-12 mo waiting for refi.

3. i used the BRRR model using the numbers above and it doesn't seem like a good deal, but how can having over $60 in equity not be a good deal? ( i must have not put in the numbers in quite right, though i have run them many times)

Any help here is very much appreciated.  I am getting paralyzed

thanks