Inflated Florida market, potential deal??

[Charisse Hines]

Hi everyone,

Was pre approved through FHA with the intention of house hacking a duplex. Price inflation has made this process pretty difficult, my window is much smaller based on my cap. Looking at one in my area (east Volusia County) ran some numbers and would love some feedback! It's been on and off the market since February 2017 with more than three price reductions since.

2005 stucco cement block duplex/ one side has had recent renovations

Listed  price: 194k

Current rents @ 900/unit

My offer: 160k 

Prinipal + interest: 729

Property tax: 147

Home insurance: 75

PMI: 111

Vacancy @ 10% = 180 

Repairs @ 5% = 90 (property is practically turn key)

NOI: 468

9.3% cap rate 

I’m new to investing and analyzing deals I would appreciate any professional advice

According to my numbers each unit would be 234/unit positive cash flow. I’ve read from other bloggers that if you’re cash flowing at least 200/unit you’re looking pretty good, any thoughts?!? 

Thank you!