Need someone to look over these numbers...

[Wesley Adams]

I am currently searching for my first income property. i stumbled upon this and want to know what you all think.

Actual Valuation
Asking Price $32,900
Appraisal Value/ ARV $55,000
Est Rent per month: $825 per month
Est Expenses: $413 per month
NOI $413 per month
Desired Cash flow per unit: $200 per month
Number of Units 1
Total Desired Cash Flow $200 per month


Max Payment= $213 per month

Max Loan Amount= $37,425.87
Repairs/ Reno $0.00
Purchase Costs (~3-7% for residential $3,000.00

Max Offer $34,425.87

Down Payment $6,885.17
Est Mortgaged Amount $27,540.70

Est Mort Payment: $168.14
Monthly Net Profit $244.36
Annual Net Profit $2,932.29
Total Cash Investment $9,885.17
Annual Cash on Cash Return 29.7%

Value of 30% or more? 59.82%
A discount of: 40.18%

I'm not 100% sure i'm doing this right. I've tried to piece my spreadsheet together from others as well as Jon Holdman's posts......Is it true that based on these numbers and a mortgage of 20% down, 6.175% for 30 years that I can offer anything up to full asking price and still come away making $200 a month? Just seems too good to be true on a property that has been recently updated (not to say that I won't see issues once I visit the house).