Would you take minimum cash flow in order to be able to cash out refi in the future?

[Daniel Ben-Hur]

I am 23, and I am eager to purchase my first rental property. I found a property that cash flows around $100-$150 in Bakersfield, depending on the interest rate, but I am wondering if it is a good idea to take this and run with it as a first rental, in order to be able to cash out refi in the future to be able to put a bigger down payment on a mult-family property. My projected ROI is 4.5%... so do I purchase it, or wait and save up that money for a bigger down payment on a multi-family property? (Yearly salary: $70,000)

Property description:

Listing price: $170,000

Rent: $1600

Buying my first property is pretty scary to be honest. I have 20% down payment ready, but again, still scary. From my analysis the cash flow is not much, but I also know beggars can't be choosers lol.