@Kam Mill Great job on your first acquisition! Advice going forward.
1. Keep taking action toward that long term goal.
2. Your main focus with the rehab should be tenant proofing this investment. Your rehab costs are very low. These should not be thought of how can I get this completed for the least of money out of pocket. Do a proper high quality update now with the most most durable, longest lasting materials. Spend more upfront and you will have less headache and out of pocket expenses now. Darren Sager in Bigger Pockets is an expert in this area.
3. Look into LVT flooring, make sure your toilets are not low end Home Depot. It doesn’t matter if they were installed yesterday. If they are low quality, you will eventually have problems with them.
4. After a quality rehab your property will appraise higher and you can pull out more cash. Based on the numbers you provided, it looks like you can already pull out about 10k. That would likely go up with a better renovation.
Read about the BRRR strategy on the forums.
That’s all for now. Great job and hit me up anytime.