Would you do this deal?

[Dave Garlick]

All,

Working on my first investment property. I came across 2 identical duplexes across the street from one another owned by the same seller.  This is a lower income neighborhood but very family oriented and not rough at all. It's about 30 min from a major city between a hospital and a university.

4 units - 3 bed, 2 bath each.

Purchase Price: $200,000 (total for both units. Conventional loan with 25% down around 5.1% interest)                 

Rental income:                    3,200/mo     38,400/yr    ($800 per unit)

Operating Expense             Monthly    Annual

Taxes:                                         503           6,040

Ins:                                              150           1,800

Vacancy:                                     320           3,840

Repairs:                                      320           3,840

Cap Ex:                                        320           3,840

Prpty Mgmt:                              320           3,840

Other:                                            50              600

Total                                         1,983         23,800

Mortgage Expense:                   814            9,786

Cash Flow:                                   402            4,824

I know it's not incredibly lucrative but as everyone knows, it is a little harder to find slam dunk deals these days.  What do you think?