Is this a good deal?

[Sheena Varghese]

Hello,

I am new to investing so I would love to hear some feedback on an opportunity I have come across.

I am looking at single family home that has been converted to duplex (1,990 sq ft).  The property is in central Florida, about 10 blocks from the beach.  It's in a fair area, not great but not a war zone.  Both units are rented currently.  The first unit (1 bedroom 1 bath) is rented for $650 per month.  Second unit is 3/1 and rented out at $900 per month.  Owner pays utilities $400/month.  

It's an owner financed only option.  $20,000 down and $414 per month for 30 years.  

Total monthly rent:  $1,550

Mortgage:  $414

Utilities:  $400

Property Tax:  $87

Insurance:  $70

Vacancy & Repair:  $310

Net profit monthly:  $279

I plan on doing a through inspection to make sure there is nothing major going on.  Also, i plan on refinancing at a much lower interest rate so that the mortgage amount is lower.  

What do you guys think?  Is this a good deal?  Thank you in advance for your time and help!