Looking for feedback on a potential first buy and hold duplex

[Chris Luksha]

There is a duplex just up the road from me for sale from the NH Housing Finance Authority. It needs approx $40k in repairs - mostly external - and there are bids on it in the 50s and 60s. I can potentially get a commercial purchase and rehab loan at 75% of purchase/rahab cost and the other 25% from an investor willing to take 6% interest only for 18 mos.

I have linked to my BRRRR calc report and want some feedback from the group. Yes I realize that anyone could potentially say "I want that" and go grab it under my nose, but there in lies my faith in humanity - and the BP group.

I am looking for some thoughts on this potential buy.  It would be my first investment. 

Here is some other background:

• It is in a flood zone. I have not asked directly yet, but I am told by my local agent that I could potentially insure only the basement portion for flooding and the rest normally, and at a fairly decent cost.  
• The previous owner was getting $1200 / $900 for rents, but paying ALL utilities out of that - ICK.  I have tried to account for changing the systems to tenant paying, in the rehab budget.
• I did not put the monthly interest only payment in the sheet.  It would be approx $125/month.

I have to say it looks like a halfway decent CoC and long term return. But of course it is my first and I am feeling a little gun shy spending $100k on it.

THANK YOU for all your feedback.  I will of course let you all know what happens should I take it or leave it, but I covet your feedback.

Blessings,

Chris

https://www.biggerpockets.com/calculators/shared/562688/7c8c330e-6004-435b-9a5e-a40c735c890e