Its the rehab that concerns me. at 82k with 35k in repairs (assuming thats all there is) puts you at 117 not factoring closing costs and anything else you may come across. if you're gonna sit on it for some time, it will matter less but I'd run this through the BP calculators to get some long term numbers as well.
a couple of other considerations. The population growth in Memphis has been pretty stagnant over that 6-7 years. Its up .01% since 2010. I'd typically like to see growth of 3-6% (the national average) to feel good about the future. Also the average income in Memphis is a lower than I'd like to see. Actually it depends on which stat you like to use, (per capita or per household). If you use the per household average, then you shouldn't have any problem with finding a qualified renter should the one you have leave. But if the per capita rate stands to be more accurate, then you may struggle meet the $950 to $995 rents. If the market is sustaining that rent then maybe it won't matter but its something to consider in a worst case scenario. I'd look at all that in addition to the cashflow.
What are the comps for the area? You might consider doing it as a flip if the numbers make sense. That way you can get all your money back and some profit and then go into the next deal with some better margins.
