[Calc Review] Help me analyze this deal

[Jordan Murrell]

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*This link comes directly from our calculators, based on information input by the member who posted.

I have this property under contract in Memphis TN. The average 1 bed 1 ba rent in that area is $500.

Tenants are currently at $400 on no leases. We will need them to sign a month to month lease before close with the pre existing owner. 

We have our inspections coming in this week. I think its a decent cashflow option. Will need to purchase cash and then refinance out into a long term loan.

What are your thoughts about this property and the numbers?