Is This a Good Deal?

[Brian Campbell]

Another investor wants to sell his properties. A duplex we looked at might be a deal but wanted to get some feedback before I make an offer. It's an up/down duplex and the owner pays the heat/electric/water/garbage. This property was a sfh turned into a duplex. The property will not need any work. It's an older building but the furnace and roof are newer and the electrical has been updated. The bottom unit rents for $650 and the top for $625. The seller wants 36K. Here are the numbers using bank financing:

6K down

Mortgage payment: $245.13 (15 year loan @ 5.5%)

Taxes : $57

Insurance: $60 (est and this may be high)

Heat/Elect: $300/mo.

Water/Garbage: $100

Expenses Total: $762

Total Income: $1275

Would be interested if you experienced investors think this would be a deal.

Thanks!