What would you do with a deal like this?

Rehabbing, Fix and Flip, Rental Properties
1

So I am putting in my first offer today after work.
I plan on getting the home for 38k
needs about 10k in work
it will rent for 1,000-1,200 per month
the kicker is: it will be worth 100k when finished.

so it meets the 2% rule
projected cash flow if rented: 180/month
price spread if sold: 50k

so would you rent this property, take the cash flow, and just enjoy the fact that your property is worth much more than you paid for?

or

would you flip it and make a quick 45k or so?

or

would you consider a lease option. take an option fee, enjoy the monthly cash flow, and then take the 40k or so at the end if they purchase? and if they dont purchase you still have the option fee+monthly cash flow from them

what would you do???
this is my first property, with hopefully more to come!

2

your cash flow if rented should be a lot more than $180 a month, what interest rate are you using and for how long?

3

$180 cash flow or $45k instant profit? Ummm, am I the only one that thinks this is a no brainer? And, I dont see how you are coming up w/ 180/mo cash flow.