When people mention the "1% rule" you usually want to consider 1.2-1.3% as a better rule of thumb before you dig into numbers on a specific property in Allegheny County (IN case you don't know what I'm talking about: https://www.biggerpockets.com/blogs/7325/46689-the...)The taxes are higher than most areas.

@Brian GarrettGotcha, understandable We haven’t ruled out flips just yet, just trying to see what other ways may be out there, or if 20-30k would be sufficient depending on the market for a flip.

My husband and I are relatively new to Real Estate Investing and are seeking to grow a portfolio of cash flowing properties in order to  achieve financial freedom and ultimately support our desire to serve as missionaries.  

Most states support that turning off utilities is considered relinquishing possession of the property.

If you are interested in turnkey that meet the 1% rule then I can put you in touch with someone! 

@Mike Sands Honestly, I do not see this being a good, opportunistic BRRRR project unless it appraises for $162k ([$64k cost + $50k rehab] divided by 0.7) Also, the rents would not justify holding this as a rental property as they would not be near the 1% rule.

I was always told use OE is roughly 50% of GPR as a general rule of thumb.

I know all the rules of thumb for residential real estate--the 1 or 2% rules for cash flow; the 50% rule for expenses; 5-10% for vacancy, capex, and property management each; $100 per door for cash flow; etc. 

The choice is yours and the more knowledgeable you are about the real estate investment, the better your chances are of getting the kind of return you would like to see.Real estate is a marketplace, and caveat emptor is a time-honored rule.

If you are using the 1% rule, then it seems this property meets that.