Newbie Faulty Analysis, Please Help!

[Jerry Ologh]

Hello guys!

        I am quite new to real estate investing with nothing but my primary residence under my belt, so I need some insight as to what I may be doing incorrectly. I am looking at this duplex in Arlington Tx,  and hoping to make an offer soon. I have run my numbers, but feel as though I may be overestimating/underestimating hence the negative cash flow. Can you please review my analysis, and suggest what I may be doing incorrectly? What will be a good offer for this property for a cash flow of at least $5000 per annum.

 Thanks.

Asking price = 249,000

Total Annual income = 29400

Estimated Taxes = 5496

Estimated Insurance = 2340

Capex = 7% (2058)

Repairs = 7% (2058)

Vacancy = 7% (2058)

Property Mgt = 10% (2940)

25% down payment (62250)

Annual P & I = 1064 x 12 = 12768

29400 - [ 5496 + 2340 + 2058 + 2058 + 2058 + 2940 + 12768 ]

= 29400 - 29718

Cash flow =  - 318

    All suggestions and corrections welcome! Thanks!