Analyzing a Duplex - First Attempt

[Samuel Biondolillo]

I am just starting to look at my first properties with my girlfriend and we stumbled upon a listing down the street for a duplex being sold as an approved short sale. We are determined to buy a small multi-family property and house-hack to get into real estate as with many others on this site. Here's the deal:

Listing Price: $160,000

Estimated Rents: $2300/mo

50% Rule: $1150/mo

Mortgage P&I: $840/mo

Monthly Cashflow: $310/mo

Annual Cashflow: $3720/year

Down Payment: $5600 (3.5% FHA Owner-Occupied)

Annual ROI: 66.43%

Since this property has been on the MLS for a long time, I figure there must be something going on to keep it unsold for so long (350 days). I will be viewing the property tomorrow to confirm any needed repairs, but it seems like even with a few thousand dollars of needed updates, this should be an excellent deal for a house-hack because we would be able to move in and make repairs/updates on an ongoing basis as cash allows.

So, anything I'm missing here? Please feel free to brutally poke holes in the deal. Thanks in advance!