Figuring out if this is a Deal?

[Travis Fisher]

Hey I hope I'm not wasting anyone's time here but I'm trying out @Brandon Turners' 5 minute suggestion for analyzing a multi family property. And I found a house that might make sense for me.

Asking price $130K
#1 - 3bdr 2 bath - 900-$1000 rent
#2 - 2bdr 1 bath - $650-700 rent
These rents are a guess taken from Rentometer & Padmapper.

At $26K down & $515 mortgage the 50% rule puts this at $260 cash flow. If I can get it for $110K-$120K then the numbers should be even better. It's a short sale and has been on the market for almost 4 months.

I'm going to drive by the house tonight. It's about 10 minutes away from my house. I know the area pretty well as a homeowner but not as an investor but it's a decent part of town.

What do I look for next? Does this one merit more investigation?