First Investment Property - BRRR Pittsburgh, PA

Well, I started out looking for a flip, but found a 2/1 that makes a good rental, so I'm going to hold onto it. It's an REO that I have under contract for $32k. It needs around $40k worth of work and has an ARV of $120k. I should be able to rent it for $1000 a month once it is updated. Not a huge cashflow per month, but after I refinance, I'll make $250 a month after I take out mortgage, taxes, property management, vacancy, and maintenance and insurance.

I'm very excited, but also terrified in moments.  Now I just need to keep the rehab on budget.

Here's the zillow listing for anyone interested in looking at the before pictures.  http://www.zillow.com/homedetails/235-Park-Ave-Bel...

Tanya