Help analyzing a deal in Winston-Salem, NC

[Doel Gonzalez]

I have been in communication with a potential seller in Winston-Salem, Forsyth County, NC (2 hrs from where I live, so I would likely get a PM company).

Details on the property/deal:

• Asking 26k (owner shared they purchased for around  22k, which I verified in county records)
• Seller purchased in Aug/1/14 for 22k and put in about 5k in repairs (new heat pump, air handlers, pumping pex tied into city line, new cabinets, countertops and tiles, new service panel, painted).
• Rented at $550 with Section 8 tenants in place (vetted single working mother with her 2 kids) until October.
• Seller moving out of state, so, motivated but won't sell under purchase price.
• Zip code 27105, west of University Parkway
• 2 beds, 1 bath
• 760 sqft
• Built in 1950
• Tenant-paid utilities
• 1.265% tax rate

My thought was to offer 24k with seller paid CC (estimated around 2.5k). The community (to me, seems like a B- based on crime data and income data (hopefully I am not misanalyzing this area) but the city is growing pretty well thanks to Wake Forest University and of course the Tobacco industry, so I may be misinterpreting it)

More on the city... (http://www.bestplaces.net/economy/city/north_carol...). 

I need help analyzing this deal to see if it would be good, as it seems to me that  assuming a 4.5% interest rate on a 15 yr note or 5% on a 30 year note results in 192 monthly or 185 monthly, respectively, INCLUDING taxes and a rough estimate of 600/year insurance (which shouldnt be the case as my other properties albeit being newer and much more expensive pay 600/year)

So... if I assume I end up paying full ask and CC's....

Rent:        +  550
Debt:        -  107   (or 152 @ 15yr)
Taxes:      -    30
Ins.   :       -    50
HOA: - 0
Vacancy:  -    46
Maint.:     -     46
PM    :      -    55

============

Cash Flow:   216/mo @ 30yr or 171 @15 yr

NOI : 216*12 = 2592/yr

Given the initial investment of 6625 (down payment) +2.5k (closing) = 9,125, this equates to a 28.41% ROI

2592/26k = 9.97% cap rate.

Is this accurate?

What does BP think?

Thanks!