New Investor - First property in process

[Josh Franklin]

Hey everyone - I'm a new investor located in Lexington, KY. Before I get to the deal I'll provide a little background. I have 4-5 friends who have gotten into real estate investing over the past several years. I was always curious, but have a job I love and never wanted to spend the time to get involved. I knew there was plenty of potential (my wife and I have bought and sold several homes in our 7 years of marriage and have done well on them) so when I was stuck at home for 2-3 months I started reading Rich Dad Poor Dad at the behest of a close friend. Fast forward 3 months and I've read more books and listened to more BP podcasts than I had the past 10 years. My father is a general contractor and had purchased a property last year mainly due to an investor friend of his who encouraged him to do so. Once I learned about the BRRRR strategy I explained how it worked to my dad and helped him through his refinance on his rental property which he owned outright (cash purchase, cash rehab). We decided to go into business together and he seeded our REI company with the proceeds from the refi.

Now onto this deal. We have looked about 10-15 SFH and duplexes in the past 6 weeks or so. We had a few that we made offers on but ultimately lost out to higher bids. We met an investor while out one weekend and he had an off-market property that he was thinking of selling. We saw it, loved it, ran comps, and bought it. Here are the deal points below. The one thing I'm struggling with is to flip it and create additional capital for us, or to hold it and rent. Feel free to offer up any thoughts to what you believe we should do. I know that the long term goal is buy and hold to build wealth, but additional capital in the short term may allow us to do multiple properties at once.

Purchase Price: $75K

Rehab Estimate: $60K

ARV: $200K

Estimated Monthly Rent: $1,500

*This is a cash purchase and cash rehab so no holdover costs. The home is in a good neighborhood in a good school district and is roughly 2K sq ft. We are taking it from a 3/1.5 to a 4/2 and the renovation is expected to take 4-5 weeks. The rehab estimate may be slightly high, but really confident it would be no more than $60K. If this was your property what would you consider if trying to rent or flip?