Please Help Analyze This Potential Rental

[Amanda Felton]

Hello,
I need help analyzing this deal. I am looking into financing a foreclosure for $18,000. I estimate it needs $15,000 of work and I would like to use a 203K loan (3% down). Comps in the neighborhood have recently sold for $50,000.
Taxes were $2,200 last year. I expect to charge $900/month in rent. Is this a good deal? What's the cash on cash return? Thanks for your help!

[Keith Shoemaker]

Locate the best 203K lender in your area is where I would start. Not all lenders will do them. Some Realtors do not know what they are either.