In-depth Analysis. Please Critique!

[Gabriel Krut]

Hey all,

20 year old Junior in college. Interested in REI and owning rentals. Since I have very little capital and low income, I am planning on partnering with family to buy an out of state duplex. Can you take a look at my numbers below and let me know if these estimates are reasonable? I'm still a ways from buying anything, so this is more of a check if my analysis is headed in the right direction. I try to be as conservative as I can with my estimates (overestimating expenses, underestimating rent, etc).

  I haven't been able to find a lot of in-depth analysis breakdowns, so if anybody has some they'd be willing to share I'd appreciate it! Thanks!

Ex.

1421 Broadway Ave NW Grand Rapids, MI 49504

2 units | 2bd, 1ba each

Listed at 130k. 20% down and a 30yr fixed mortgage at 5.125%

Rent: 1800 (21,600/yr) (900/unit as low estimate from comps and Rentometer etc. Average rent in area is closer to 1100 for 2bd)

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Mortgage: 566 (6,795/yr) (80% LTV. 5.125% rate)

Property Tax: 185 (2,200/yr) (Found via county records)

Insurance: 83 (1,000/yr) (Another high-ball. Michigan home insurance averages at .63% of property value, so closer to 850)

Maintenance: 216 (2,600/yr) (2% of property value)

Misc: 100 (1,200/yr)

Management 10%: 180 (2,160)

Vacancy 8%: 144 (1,728)

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Totals:

Income: 1,800 (21,600/yr)

Expenses: -1,474 (17,688/yr)

Cash Flow: 326 (3,912/yr)

  If you waded through all of that: Thank you!! Sorry for the wall of numbers. If you have the time/insight, I would heartily appreciate any feedback, critique, advice, etc. you can provide.

 Best,

   Gabriel