Am I purchasing duplex for too much? Montclair CA

[Daniel Higuera]

Im in escrow for a duplex in Montclair CA. Id be living in 1 and renting the other. I just had my inspection done on the property and its in need of a complete overhaul. From living room, kitchen, bathroom, plumbing, electrical, and roof within 5 years of so. 

Offer was accepted at $420k and renovations are estimate at $50k. When doing the math, i'd be purchasing a property in need of alot of work at $312 / sq ft. while comp properties sold within past 60 days (which are in better shape) at $266-$290 per sq ft. 

This would be my first investment property. The duplex is 1344 sq ft on a 7720 sq ft. its zoned for up to 6 units and all the properties on the block have 4 to 6 units on them. My mortgage when accounting for principle, interest, tax, and insurance, including PMI is $2250. Market rent for 1 bed 1 bath is $1250. Therefore i see potential in this property.

But is there something I am not seeing? I don't have a mentor so I'm pretty much figuring things out as I go. Any advice is welcome, i want to make sure my first experience is a good one!

Thank you all in advance