After all expenses(Tax, Insurance, Bank note) I’m looking at $484 being the break even.Looking to loan out $54,000 to cover buying the house, paying for the update and getting a little cash in my pocket to put towards another rent house on the same street.

@Samuel Ruelke, welcome to Bigger Pockets! 

Or call it good and start putting rents in your pocket now, since it is all paid for and your buying career is over and you are ready to retire.

The goal for me is to use the rental income to pay off the debt so I own the property free and clear and pocket the positive cash flow.

I have been a free member, a plus member, and a pro member over the course of 5 yrs.... There is a moderator today that tried to sell me assets and/or their software 3 yrs ago, and has gained the standing to moderate ...

Also does anyone know if there is any Bigger pockets meetups in the DC area?

We explained to the seller via our broker what we were doing so did not put down earnest money or any preliminary deposit out of pocket.

The reason we use more conservative values than our actuals is that we would rather be pleasantly surprised with our returns than having to come up with cash out of pocket to make ends meet over time. 

Welcome @Robert Bigger Pockets is a great place to start. 

Bigger Pockets Family, I have a house hack that is just short of breaking even and want to know how you would essentially BRRR a property I you already own in order to make the numbers work.