How important is Cashflow?

[Justin Krautkremer]

Looking at a property in a northern suburb of Indy. Its an off market listing. Purchase price is 48k. From the looks of it, it is in good condition, and can rent without doing too much (B-C neighborhood). Planning a rehab budget of $7500. Looking at other properties in the area, I feel that it can possibly appraise for closer to 70k if not more with some paint and new flooring. It will rent for $750/month.

I put the numbers into DealCheck:

the COCR is 4433.5%,

ROI is 7508.9%.

Total cash that will be left in the house after refinance would be $197.

The only downside I see is that the cashflow is at $71/month.

This would be the first rental property, and I am VERY GUILTY of analysis paralysis. Is this a good deal? Should I be concerned about the lower cashflow? Anything I am missing when looking at properties?

Any help is greatly appreciated!