I need some help with the #'s on 2 properties

[Quandra Adams]

I've ran this report a few times and I got a negative cashflow for one of them so I want to see if someone is willing to help me with this.

Property info-

130K Duplex

$600 rent current 10 yr tenant (should I add my own rent as well since Ill be living on the other side?) 

3500 or $0 closing cost- my agent said the seller might carry closing costs

1626 Property taxes

ARV- No clue how to calculate this but the system will not let me run a report without it. I used the Rental Property report option. What can I do come up with a really good ball park for this? i just doubled the amount of the repairs and added it to the asking price.

3K repairs- This is not mandatory but rather an estimate for what it might take for the space to livable for my part of the unit. I can get this cost down if need be.

$0  or 3K Down Payment- The 0 is in the event I can get a USDA loan which will cover 100% down payment.

4 or 4.5%- loan interest rate

Something just doesn't seem right and I know it's because I am nervous about this. I saw the property today and really like so I'd like someone who is not emotionally attached like I am to look at these figures and help me to determine if this is a good, bad, or decent deal.

[Michael Ablan]

I wouldn't include your own rent since it's not actual income coming in.

Did he specify if the owner would pay the closing costs by taking it off the total purchase price?  Sellers aren't allowed to "pay" for the buyers closing costs in NY, but they can allow them to roll them into the loan and finance them.  I'm not sure if this is the same everywhere though.  Regardless, you would add those into the total cost of this deal if you have to pay them.

Get on Zillow and narrow down the search criteria so that it shows SOLD houses with similar bedrooms, bathrooms, sqft, location and condition to the house your looking at.  Find ones that are as similar as possible and make note of the SALE price.  Get 3-4 houses and take the median of the numbers.  That should give you the current market value.  

For ARV, you need to find houses that are similar to yours in sqft, bedrooms, bathrooms, land, ect but are nicer because they have updated kitchens, nice flooring, new paint, fixtures, furnace, roof, siding, ect. Those are going to be your top of the market comps for your property after you've done all of the rehab you plan on doing it. Your ARV would be around the same price as those houses as long as you rehab your property into a similar condition.

Don't skimp on your repair estimate to make it cash flow.  Over estimate if anything.  You don't want to be wrong here.

We need a little more info before we can figure out if this is a good deal or not.

How far off is that rent from the market rate?  How much can you raise it?

Ask your agent if the area is seeing any appreciation.  Is there population growth in your area?

How much would your insurance be?

Are the utilities split?  If so, does the tenant pay their own?  If not, then you're paying them, so how much does that cost?

I assume you'll be paying the water/sewer bill as well.  What are those numbers?

Any lawn/snow removal costs?

Who will be managing the property?  If it isn't you, then you need to find out what your areas property managers charge in fees and add that in.

You also need to factor in 5-10% towards vacancy, cap ex, and repairs that will pop up over time.