First Property Under Contract! Seeking Validation

[Brian Ellison]

Hello - I finally have my first duplex (2b/1.5ba; 1,000 sq ft per side) under contract (market is suburbs of Atlanta). Take a look and tell me what goes through your head when you read it: 

• $405,000 purchase price w/ $25% down - combination of 401(k) loan and HELOC (thanks to crazy appreciation in this market).
• 4.375% on Mortgage rate - About $1,460/month P&I (+ taxes $125/mo + ins $95/mo)
• Management Fee 8% - $696/mo

Knocked on neighbors doors for rent: Range from $800 on the very low end (7 years a tenant) to $1,400 on the high end (newer tenant although no renovations to this unit to make it stand out). At $1,400, cash flows about $300/month - this is the target. 

Neighborhood: 

• Grade A schools, best in the city. Duplex is actually DIRECTLY across from one of the newer schools. 
• Medical facility coming to market <1 mile away.
• Walking path, restaurants, etc. next to property.

I say all the above because I'm looking to renovate this property and attract a higher-end client. Giving this a face lift with new tile, new kitchen counters, dishwasher, and a washer/dryer could go a LONG way, I think. Higher-end 'townhome style' rentals go up to $2,000/month in this area. 

Has anyone gone through something similar? Being the first property, there seems to be a level of risk here although I'm very comfortable with the area. Any suggestions?