My first attempt at analyzing a rental (Duplex)

[Aaron Diehl]

Alright so I am analyzing properties in my area and found this duplex. I want to know what everyone thinks of my analysis, let me know if I missed anything, what concerns yourself would have if doing this deal and suggestions. I believe this property can rent for more than what it currently is going for (one of the units is a 3BR 2BTH) but I am low balling the rent just to see if it would work without it. I am starting out using an FHA loan and then hoping to refinance to a conventional. My image shows my calculations with the loans and what my Cash on Cash would be once I have it refinanced and rented out. Also the reason my rent does not double when I switch to conventional loan (me fully renting out units) is I have a roommate in my unit contributing to rent plus the other unit paying rent. I believe the numbers show once I can get this property to a conventional loan and fully rented I would have a total return annually of 11%. Also I see that I will be losing money to save for my expenses repairs, capex and vacancy. I currently pay rent at 415 a month and utilities so essentially I would be trading in my rent to save money for my house expenses and then still paying utilities. Essentially a wash besides other factors considered (appreciation). I appreciate any advice, good or bad, I have thick skin.