Help me analyze this property

[James Back]

I have an oppurtunity to invest in a property on the outskirts of Cincinnati. Im just looking for some feedback on whether it seems like a good deal or not. We walked the house yesterday, and it has current tenants in it, but they are moving out in January (Didnt get a chance to ask them why). The house is a two bedroom one bath, with a full basement. A quick inspection didnt find anything huge wrong with it, it will need some floors and some paint, but nothing major. Its not on MLS, its from a private individual. Please let me know what you think. My assumptions are telling me its a good deal, but just wanting to double check.

Thanks

Price: $45,000

Rent: $700/month

Taxes/Insurance: $90/month

Estimated Cashflow after expenses and mortgage payment: $304.25/month