Potential first rental property investment review.

[Trent Smith]

Hi all,

I am looking for some feedback on numbers I received on a 1970s duplex listed for sale (price $219,000), 2 BR, 1 Bth each unit. 

Total rental income for year: 26,700 includes heat (oil) and lights.

Insurance $1200, Maintenance approx $1500, Snow and grass $600, Heat $3600, Electric $3600,Taxes $2557. No property mgmt fees.

Assuming offered $210,000, 20% down and 2.34 bank mortgage, do these numbers make sense? 

Potential for BRRRR strategy to renovate kitchens and bathrooms (20-25K) in future and would like to transition to electric heat and have tenants pay their own heat and lights in future.

Any feedback would be appreciated as we look to take the plunge and purchase our first property.

Thank you