Anyone care to help me analyze this?

[Charlotte Adams]

Hi all. 

   Husband and I are thinking of moving on this deal but if course being a newbie  we are hesitating.   Doesn't help that we have a child arriving in less than 2 months but....hesitating none the less. 

Here is a link. http://agents.royallepage.ca/debralynncurrier/listings/listings/on/belleville/90-gordon-street?listingId=7578564

     We are wondering if anyone would care to share their thoughts. Would you go for It? 

    Our plan is to purchase, completely renovate and make a legal duplex, hold and rent. We are from out of town so we would e hiring a property manager,$175 monthly.  We are experienced with home renos and aside from rough in plumbing(if needed), major electrical upgrades and drywall (out of utter distaste for it) we will be accomplishing all renovations and upgrades ourselves. 

   Being conservative we can get $2000 gross rent, although the property manager said likely more. 

   We would be refinancing our current rental property to pay for the down payment and renovations.

  What do you think? What calculations would you be running?

 Thanks in advance