Are you asking if we would advise you to pay 57k for a home worth 40k which happens to cash flow a couple thousand a year?

The cash flow potential is very good according to the asking price. 

Other than that, you'll have to either pay down the mortgage and refinance again, or try to raise that rent to make the cash flow positive.

You get potential cash flow, tax shelter and appreciation.

I realize the potential cash flow opportunities (as well as possible headaches) in renting to college students.

And then I invest my money in rentals an hour from Seattle, where I can almost make decent cash flow.

It's currently rented out but isn't producing any positive cash flow, I am breaking even with it.

But one we rehabbed/flipped for +$80k net, and the other is a fantastic town home site overlooking downtown that I'll either develop myself or flip to a builder for $40k or so net (we've currently got the existing structure rented to be cash flow positive and bide us some time during the redemption period to decide).

I am a business owner from Grand Rapids, MI with ~100 employees, and I have read several Robert Kiyossaki books, (increase your financial IQ, Cash flow Quadrant, Loopholes of Real estate and a couple more)  I am just recently diving in head first on real estate investing.  

You have to figure out what you can put down and how much money you will qualify for in terms of a loan, analyze the market to see what you can get and where the area is heading, and then look for the right opportunity that will cash flow and maybe even let you house hack.