It would be hard to cash flow anything there. 

Any amount you purchase less than you sell, or any amount of cash you take out is considered to be profit. 

Your question of "does the product exist" is a yes, but the better question might be "will the property cash flow at a 1.0X or better at 15% might be the more appropriate question. 

Monthly cash flow is positive. 

We're an appreciation market, not as much of a cash flow market here, unless you're putting a large down payment or actively managing STR's.Buying out-of-state can get you more cash flow, but the tradeoff is less appreciation (usually), and cash flow can be eaten up by maintenance and expenses.

Purchase price: $105,000 Cash invested: $25,000 In 2016, I saw an ad on Craig's List for these 2 townhomes.

I would even suggest a Primary home or Vacation home to pull the cash out of versus trying to find a lender who will agree to be in 2nd lien position behind a investment property.

First, congratulations it sounds like your first deal is going well and is hitting your targets for cash flow, renovation timing, and hopefully budget. 

Sellers Get More MoneyWith wholesaling, sellers often need to take a low cash offer.

Sounds like a cash out refinance would be the best way to tap into that equity.