Just starting out...deal analysis guidance needed in Fresno, CA!

[Amy McBirney]

Hello,

My name is Amy and I am located in Fresno, California. I'm a veterinarian with an interest in finding my first rental property investment!! I've been listening to the Bigger Pockets podcasts and webinars for about 3 months now. And if there is one thing I've learned, it's that I need to analyze lots and lots of deals.

So my question is...am I analyzing this deal correctly? It seems with all the deals I've practiced analyzing so far that I'd have to purchase these properties for WELL below listing price (to a point where it seems unrealistic to expect to be able to find a seller willing to negotiate so low...)

Here it is: 2702 East Willis Ave, Fresno CA 93726

$179,900= Listing price (I ran the numbers at this price and came up with a negative cash flow. So I tries to play with the numbers to try to find a price that would work...

$110,000= price that I calculated to provide me with $160 monthly cash flow

Income: 

$1000/mo

Expenses:

Principal/interest $422

Property tax $188

Insurance $80

Vacancy $50

Repairs $50

Capital expenditures $50

TOTAL EXPENSES: $840

INCOME- EXPENSES = $1000-840= $160/month

Cash on cash return = 160 x 12/ 25000= 7.7%

To buy this property at $110,000 just seems almost impossible as homes around here have been going for listing price or above...so my question is a) is it possible? And b) am I running my numbers correctly?

Thank you so much for any feedback or advice you might have. I am so grateful for all the valuable learning resources  on BP made available to people like me, eager to learn but certainly new to it all!