$511 after expenses would probably turn into negative cashflow when you account for vacancy, repairs, CAPEX (although that will be lessened if you are replacing the roof upon purchase), and property management. Also, water/sewer/garbage would need to be accounted for unless the tenant would be paying it. I would recommend running the numbers through the BP calculator and seeing what your cashflow and ROI would be once you move out. Do you have specific cashflow/ROI minimums you look for?
Personally, with $20K in savings, I'd be hesitant to fork over $17.5K on this. I'd want at least 6 months of reserves.
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