Found A Duplex - How to navigate transaction and deal evaluation

[Cameron K.]

After a year of trying to finding deals, I've finally found my first off market deal. It's a duplex in Wheat Ridge, Colorado. The owner would probably like to sell for between $410k and $425k. The place is a brick side-by-side duplex on .22 acre lot. The common wall is the garage, so it lives like a single family. It's one house off a busy street thoroughfare, but a Lucky's Market is slated to go in to the area as well. Cozy.com research thinks rents will be at $1500 but I know it rents for slightly more on one side. I have most of the cash to put down, but will have to borrow about 5%, and will probably do so with a heloc.

Also, the owner wants to use his realtor relative to do the transaction, at 1%. I am cautious about that part, but first want to determine if this is a good enough deal.

Thoughts? Is this a good deal?