First BRRRR Opporunity

[Corey Mohar]

So I'm looking into buying my second property. My first I actually bought mostly for myself, and house hacked it by renting out individual rooms (which was allowed in my borough so it worked out). I'm looking at few properties now in my area, but with the market so tight, getting anything turnkey has turned out to be either out of my price range or bought up right away by investors with a lot more buying power. 

I found a property that is currently rented out, and the rent is a bit low for the area. The seller wants $72k, which is pretty high considering the all the windows need replaced, and there's a decent amount of work to be done to the exterior. I'm considering throwing an offer at $55k, with capping any counters at $62k. I could raise the rent by only $100/month and be making a decent profit, and it would allow me to immediately start updating the tenant's home.

Are there any forseeable complications with the BRRRR method with properties that are already rented? Obviously progress may be a little slow, but I have a decent paying job and make a good bit from other revenues, so time isn't an issue. Most of the necessary work is updating some of the appliances, exterior work and the windows. All of which aren't necessarily intrusive to the tenant's living space as long as it is properly planned out. Looking at other comps, if I could get everything back to working order, and clean up the property, I think I could realistically get appraised upwards of $100-$110k.

Does anyone have any advice on this situation, or any thoughts on whether or not it could be a worthwhile investment?

Thanks!