Did I make the right deal?

[Account Closed]

BP community,

Earlier last week, I closed on my first investment property, a duplex for 330k (25% down, conventional loan for 30 yr @ 4.875%). One unit is currently unoccupoed, and the other unit has tenants until their lease runs out in May 18. Comps in the area are renting for $1200-1600, and they are currently on a lease for $1100/mo. 

According to my spreadsheet, with normal numbers, my cap rate could be anywhere from 9-14%. However, after purchasing the property and getting some more information that wasnt in my due dillegence packet/never came up in the closing process, the cap rate is looking like it is going to ballpark in 7-9%. I have plenty of money in the reserves set aside for CAPEXs and to avoid defaulting any payments. I know that I am going to take a little haircut by not having tenants while I renovate, but I am more worried about maintaining positive cash flow overall. I hadnt thought would cut it this close in a hot market like Colorado Springs! I guess that's just nature of the beast.

I plan on utilizing the time I have now with the vacant unit to make some minor renovations (I'll probably contract out most renovations due to time restraints). With the unit improvements and a quality property management in place, I can hopefully grow my net rent revenue and increase cashflow.

Again, it is my first duplex, so part of me is just glad that when the new numbers were inputed, they weren't negative. However, the other side of me is nervous that this property just wasn't as good of a deal as I had hoped. If you have any questions/if I wasn't clear enough, let me know. I'd love to hear what everyone says.