Newark NJ - 2 Family - Good Deal?

[Fran Rivera]

Hello,

I am working on my first deal to get a 2 family home in Newark from a friend of a friend. I am just analyzing the deal to see if it makes sense. I live in NJ and I am familiar with the area. 

Zillow estimate = $250k

Rents = ~1200 per unit = 2400

Owner owes bank about $150k - Can i negotiate with the bank? Offer say $100k

Needs alot of work. Flood damage and furnace is not working.

I still need to see the place, but before that I want to see if it even make sense.

Here is what I came up with, just guesses for now. Please let me know if I am missing something

Thanks!