Without the upside of a good neighborhood and/or quality property, I don't love it. 

Roofstock, the property owner or the property buyer?  

Doing two properties?

@Chase AlexanderRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

Define your minimum cash-flow to hold this property. 

Does Obie insure property in the name of an LLC?

Raising rents to $600 per unit would increase the value of the property approx. $200k. 

Quote from @Jason Malabute: Since the rental contract didn’t begin until January 1, 2025, the IRS would generally consider the property a rental property starting in 2025, not 2024.

@Ngozi IwunzeOne way to avoid capital gains is to turn the flip into a rental after the rehab and then do a 1031 exchange into a more expensive property. 

With 34 years of real estate investing experience, I’ve been involved in everything from owning rental properties to flipping.