Is this a Deal in Louisville, KY

[Tyler Bodi]

Louisville, KY investors is this a deal?

I have a 2 bed 1 bath 850 sq ft  house under contract in Shively 40216.

Purchase price of $50,000 and an appraisal of $74,000 (67.5% LTV) . The house needs minor cosmetic upgrades but is practically rent ready. I also have a renter lined up.

For rent I believe I could get $650 pretty easily based on rentometer and craigslist posts. PITI on a 30 yr fixed load will be around $330.

Follow up question: what would a typical hard money/ private money loan on deal like this look like in our area?

I am working with my bank to finance the deal and am wondering if hard money/ private money may be a better option since I am having to do some creative things for the down payment.