How does this deal sound?

[Troy B.]

I'm looking at buying my first rental and here is the deal I found. It's a two unit duplex that looks to only need cosmetic work for the most part. Only major issue is the electric panel being fuses which I hope to have the owner change before buying. I will do most all maintenance and all managing.

Price: $45,000
Down payment: $8500
Mortgage on 10yr @ 4.9: $380

Tax per yr: 1200
Ins. per yr: 500

Rent per mo: $450 x 2
Owner pays just elec.: $60 per mo.