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What kind of property is this? Im guessing multi-family. 

The cap rate is very good (assuming multi-family) I noticed you didn't have rents increasing each year so your annual % is going down. 

I'm not sure details or your goals but if you refinanced a little higher to 70% and keep 30% equity you ideally will see higher COC return but lower cash flow. I assume you thought of that already. I like this deal on paper assuming all numbers are accurate.

$162,500 in, approximately $200,000 refinanced out with a cash-flowing asset when all is said and done.  Looks good to me.

Might run this with property management expenses in the mix in case you decide on professional management now or in the future.  Any other expenses to factor in? (Snow, yard ?)  

Good income for the purchase/rehab price makes the CoC and Cashflow numbers attractive despite additional expenses.

...my inexperience 2 cents

Have checked the listing today and the price drop to 139K instead of 200k. Well it is a 2 unit with 2 b/1 b property. have a lot to do with it, fully rehab project but might be a tear down..Still thinking.Did reduce the rental cost, wasn't correct at the first place. I am thinking to buy for cash and get the construction loan . 

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Are your property taxes really only $60.00/month.  Seems awfully low for IL.

I know. in 2013 taxes was $3117.03