First Investment Property

[Eva Morel]

Hey everybody, I have been looking for a multifamily now for several months. My area has been pretty competitive lately. A duplex just came on the market that actually looks like a decent investment. Numbers as follows

235,000$ listing price

2,300$ Income per month (1,150 per unit)

Tenants pay heat & electricity

203$ per month in cash flow after every expense I can think of

13% return on my money w/ 5% down (I plan on occupying the property for just 1 year)

The property just came on the market 36 hours ago and currently has 10 showings in the next 3 days. I am pretty sure it will go for asking price or even higher. I need some advise/input on what I should do to get this property  or if you think its worth it. I have had some analysis paralysis over making my first investment property decision and I thought posting in the forums to get experienced insight might help kick my *** in gear!

[Eva Morel]

I can do 20% down on this property and the cash flow is much better (I think like 500$/month total) but wouldn’t it be wiser to have more cash reserves on hand ?  it may take me 2-3 years to save that amount back up again.