Hi everyone! I've been looking for a few months now for my first deal and boy does it seem hard to find a "great" deal right now. I have made contacts with personnel in hopes of off market deal funnels and I have either heard nothing back from some (they must have buyers bigger and longer standing than me they cater to) or have gotten some deals from others but they just aren't what Im looking for. In saying all of this Im starting to wonder if I should "just do something" even if it is buy a turn key instead of holding out for that perfect brrrr deal. So Im looking at a duplex now that I have run some numbers on and looking for those wiser than myself that can offer some feedback. 

2 bed 2 bath/ea side Duplex asking $123,500 (built in 2003)

Property is located in South Mississippi and is a College town

Lot is almost 9000sqft, duplex is 1300sqft total on a slab

Gross rents are $15,900 annually which seems a bit below market, waiting to hear back on potential reasons ie S8, long time tenant/tenants etc? I believe rents should be $16,800-$18,000 yearly per rentometer.

If Im doing this right I'm calculating a cap rate of 6.14% considering the mortgage or 11.2% no mortgage. 

Purchase $123,500 (if not negotiated down) with 31k (25%) down payment

approx 4k closing costs (not sure of accuracy)

Gross Rents $15,900 - 10% Prop Mgt - %5 vacancy - 5% repairs - 5% cap Ex - $900 yrly Ins - $1104 yrly Prop Tax = Net Rents $13,889 annually

Financing would be $92.5k 30 yr fixed at (assuming) 5.5% rate. Credit score over 800 and DTI 25%.

Any feed back would be greatly appreciated! Wondering if I should keep holding out for a BRRRR deal, do something like this turn key or hold out another year or two and save more cash for a larger MFH 10-20 unit?