First Offer Accepted. Check out these numbers!

[Josh O'Hearn]

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Just had my first offer accepted on a property owned by the VA. The property is assessed at $120,000, my offer of $42,500 was accepted yesterday. The property will take $25,000-$30,000 in renovations with comps for a 4 bedroom in the area in the $140,000-$155,000 range, which should yield significant equity to put towards another deal. The house will rent for around $1200 a month and the renovations will take around 3 months as I plan on doing the majority of the work myself.

I am hoping for a quick closing with a cash purchase, looking like 2-3 weeks. Please look at my numbers and give feedback. Thank you!