Need advice on purchasing a flipped property
I came across a recently flipped property (SFR) at $195K in central FL, rents are in $1500 range. I am still new to this investing, so need advice. This property is in a good school district, well established area from employment standpoint. This property is completely renovated. So, my question is if I want to purchase this for buy-and-hold with conventional financing, is it a good idea?
With 20% down, some conservative assumptions on monthly expenses and future expenses, I am looking at a cap rate of 6.5%. But I am not sure if I should be looking at CAP rate at all if it is a buy and hold.
What would you recommend?