Looks like a great deal considering the market but make sure your broker/agent gives you insight into it form an honest perspective. 

Honestly, you did your job as a landlord by installing them.

So far everyone has made great suggestions, but honestly none of them  have given you the one true gem, that is a must.Every morning, wake up early and drink a bucket of coffee!

I was honestly almost impressed. 

Honestly, other than he “sales gimmicks,” this is investment so you need some “wealth,” not expensive debt, to invest.My 2cents...

Honest seller wouldn't refuse.

Be honest and blunt.** Property Description **Address: Rapid City, SDType: HouseBeds/Baths: 3/Square Footage: 1,104Year Built: 1953Lot Size: 6,969 sq.ft.** Purchase & Rehab **Purchase Price: $117,000 ($106/sq.ft.)After Repair Value: $165,000Purchase Costs: $585Rehab Costs: $11,286 (75% Financed)Down Payment: $32,072Total Cash Needed: $32,657** Financing (Purchase) **Loan Type: AmortizingLoan Amount: $96,215Loan to Cost (LTC): 75%Loan to Value (LTV): 58.3%Loan Term: 30 YearsInterest Rate: 5%Monthly Payment: $517** Holding Costs **Holding Period: 2 MonthsLoan Payments: $1,033Recurring Costs: $414Total Holding Costs: $1,447 ($724/month)** Refinance **Refinance Loan Amount: $123,750Refinance Costs: -$4,950Purchase Loan Repayment: -$95,983Holding Costs: -$1,447Refinance Cash Out: $21,370Invested Cash: $32,657Refinance Cash Out: -$21,370Total Cash Invested: $11,286** Financing (Refinance) **Loan Type: AmortizingLoan Amount: $123,750Loan to Value (LTV): 75%Loan Term: 30 YearsInterest Rate: 4%Monthly Payment: $591** Cash Flow (Monthly) **Rent: $1,200Other Income: $75Vacancy: -$60 (5%)Expenses: -$255 (21%)NOI: $960Loan Payments: -$591Cash Flow: $369** Returns & Ratios (Year 1) **Cap Rate (Purchase Price): 9.8%Cap Rate (Market Value): 7%Cash on Cash Return: 39.3%Return on Equity: 9.2%Return on Investment: 277.6%Internal Rate of Return: 277.6%Rent to Value: 1%Gross Rent Multiplier: 8.13Equity Multiple: 3.78Break Even Ratio: 70.5%Debt Coverage Ratio: 1.62Debt Yield: 9.3%

Just to be completely honest, 35816 is indeed a rough zip here;  but just like 35805, there are always going to be pockets of it that are better than expected;  however, I hope your realtor provided you a good target range on the rent, because even if the house is located in a good spot, a lot of potential tenants won't search 35816 for nicer rentals;  what target rent range did your realtor quote you? 

If you haven’t, complete a Pareto 80/20 Analysis and honestly, do one about every 2 months.

My only advice to someone starting out, is to double and triple check legalities and be honest with what you are doing.