Analyzing a Duplex Deal

[Jason Mickle]

First post here. I made an offer of 85k and someone else put in an offer at 95k. Deciding whether to go higher. 

Details:

Duplex 1650 Sq foot total

Purchase price: 100k

Rehab:                 10k

Closing:                 2k

Rent Income:         1350

Vacancy at 7%:       95

Insurance:              70

Maintenance:        120

Mortgage:              746

Cash Flow:             237

Cash on Cash:       23.7%

The plan is to pay cash, rehab, put the renters in and cash out refi. I would finance 100k at 6.5% for 20 years leaving 12k in the duplex. It may appraise high enough to pull more capital out but dives down the monthly cash flow. Also haven't shopped rates on the refinance. This was a quote from my local bank I normally deal with. This would also be my first investment deal. 

Thoughts?