Deal analysis / advice for my first property

[CJ S.]

I was presented with this offer and would like some input. It is my first property and will help me jumpstart my investing career.

It's a duplex in Stockton, CA.

The property is valued at $280k

They are selling it to me for $250k

They want $100k and will carry the paper on the remaining $150k @ 3% for 15years with interests only payments ($375).

Current Expenses:

Property Taxes    $1330           Yearly    San Joaquin County

Dwelling Insurance    $976    Yearly       

Water            $130 - $160        Monthly    California Water

Sewer & Garbage    $130        Monthly    City of Stockton

Self Cert Mnt Insptn    $205    Every 5 yrs    City of Stockton

Front Yard Mowing    $45        Monthly    Parra Landscaping

Total Yrly Expenses    $6,126   Yearly       

Monthly ($515)

Total Income        $19,200  Yearly       

Rents are $800 per unit, but the market in that area is $1100 for a 2Bd/2Bath.

I would like to know from some people who have more experience if this sounds like a good deal as well as ways to come up with funding.

What are some ways I could get the $100k?

My plan is to get it cashed out refinanced within a year or year and a half and hopefully have money left over to BRRRR into another property and continue the train.

Thanks for any input and recommendations. I appreciate it.

Monthly ($1600)