SANITY CHECK: Good Deal in Seattle?

[James Wesley]

Hi there, 

This will be my first purchase as a part of purposeful real estate investing. And as you all know, your first time can be quite scary. :)

Looking for your input on if I should move forward. Summary:

* leveraging my primary home's equity through a HELOC for the down payment and necessary rehab

* Property: SF home which will be easily subdivided into a duplex. This subdivision will require one unit to have a bathroom moved (W/D added) and a kitchen added. Each unit will be a 2 bedroom with about 1000sf each. There's a basement with a lower ceiling which could be built out as another unit or used for storage. SF zoned, but might be up zoned to MF as right across the street is MF and the area is changing.  Panel needs to be split out as well

* Listing Price is $650k (looking to place a escalating bid to $700k in $3k increments; Average area rents are around $2400+-.

* Financing - putting 25% down; 30 yr investor loan at about 5.25% interest rate

* I have building experience and will be trying to most of the renovation work myself

Thoughts? Questions?