Essentially, $60K ARV less the $5K for repairs would put it at a value of $55K or so.Assuming you offer $50K for the property, he wouldn't be able to pay off his debt and walk away with money.You can't lease if he has a big payment due that he can't accommodate.he's in a tough spot.So, $51 is his total payoff amount.

With those increases (a total increase of 14%) that wipes away $343 of your projected cashflow and puts you into negative cashflow post-refinance.

I wanted to wholesale first but thats obviously out.

I could totally live here.

Your total payments will be significantly less than if the purchase price was 10 or 30% lower but you had a real mortgage.

Perhaps I am not considering something that may be obvious/import from other's perspectives?

I am completely and totally hooked on the power and life changing ability real estate investing has, and it happened by accident, sort of.I bought my 1st house like most young people with an FHA mortgage, in 2015 with my beautiful wife. 

That is totally different than a stove, hair or clothes dryer.

By my calcs, the OP should be able to drive some positive free cash flow (and mid-single digit earned ROI) with total rents of about $3400 (assuming a total basis of $453k). 

BiggerPockets has totally blown my mind and I can't get enough of the information they are providing.