Feedback on first offer humbly requested

[Wesley W.]

Hi All!

I am hoping several of you with a much more experienced eye can review my potential first deal and provide some feedback. I'm looking at submitting my very first offer on a FSBO 2-family home in Upstate, NY that I am looking to hold and rent out.

Here are some of the details on the property:

2 flats (3/1; 2/1) - both will be vacant by Sept. (rented out at $700/mo. each)
2200 sq. ft. total
built c. 1932
hot water (radiators)
aluminum siding
detached 2 car garage
Zillow estimates value at $139,000 (but also has the incorrect age of home - about 40 years newer than it is)

Rehab needs - I based many of the cost estimates below very conservatively (new to business, no experience - wanted to build in cushion) based on local prices I got from professionals, but I may be significantly over on some estimates; although I may do much of the rehab myself, I based estimates on paying someone else to do it.

- new kitchen (countertops, cabinets, sink, DW) in one unit $5000
- asphalt shingle roof about 20 yrs. old $6000
- exterior paint (garage, rear porch) $1000
- refinish hardwood floor (one unit) $1500
- interior paint $1000
- one unit's boiler (looks original!) $5000
- clothes dryer (one broken) $500
- replace circuit panel (has fuses) $1500
- misc. other stuff not listed above $400

TOTAL rehab I estimate as being at or below $22,000

Below is my cash flow analysis worksheet. Although I have built in property management as a cost, I will manage this myself at first. (I tried to build in some contingency costs to maintain cash flow if I decide to hire a PM or contract rehab work.)

http://s24.postimg.org/nvg7omq79/image.jpg

I would really LOVE some feedback on my numbers. Where have I made mistakes? Is my offer too high/low?

Thank you, thank you, thank you in advance for your collective wisdom! I am meeting with my attorney on Friday.