How to BRRRR two cheaper duplexes

[Andrew Zannotti]

Hello All

I'm currently looking at two cheaper duplexes in a town I live in. Each duplex is listed for 45K and each unit rents for $450 a month and they are all currently occupied. Initially I am looking at putting in an all cash offer and using hard money to buy them originally with me putting 20% of my own money down plus closing costs. Over the next 6 months as the leases renew I plan on going in doing renovations and getting new tenants pending the leases not being renewed. I'd like to get thoughts on my numbers and advice on how to go about doing the refinance ultimately should the unit appraise at below 50K each after I clean them up. The numbers seem kinda to good to be true and I feel like I might be missing something. Any help advice is greatly appreciated.

Andrew   

House

Purchase Price $90,000 Total Price

Repairs$10,000 Rough Estimate

Mortgage $408 20% Down 5.5% APR when refinanced

Taxes $790 Pulled from county

HOA N/A

Rent$1,800 $450 per Unit

Property Management $180 10%

Maintenance $180 10%

Capital Expenditures $180 10%

Vacancy $180 10%

Cash Flow $672.00