Help to evaluate rental property

[Anja Brey]

Hi BP community, 

I am new to real estate investing and would like your input on a property. SF and duplex on the same property, $199,900 Listed at Price, 4 Beds 3 Baths, 1,814Sq. Ft., Built: 1954 Lot Size: 8,276 Sq. F

Here is additional info:

The owner wants a "subject to" offer and is not showing the property before an offer as the tenants - as I understand it - don't know about the sale. 

Unit 1 Bedrooms 1
Unit 1 Full Baths 1
Unit 1 Rent $ 525
Unit 1 Apx Sq Ft 510
Unit 2 Bedrooms 1
Unit 2 Full Baths 1
Unit 2 Rent $ 525
Unit 2 Apx Sq Ft 510
Unit 3 Bedrooms 2
Unit 3 Full Baths 1
Unit 3 Rent $ 785
Unit 3 Apx Sq Ft 794
# of Stories 1 Story
Total # of Bldgs 2
Total # Indiv Units 1
# of 1 Bedroom Units 2
# of 2 Bedroom Units 1
Total # Leasable 3
Total # Leased 3
Source - Rental Info Accountant, Owner
Expenses Include Accounting, Management Fee, Trash Removal, Utilities
Total Deposit $ 1835
Gross Annual Income $ 22020
Total Op Expenses $ 3120
Annual Utilities $ 4711

I put some numbers in the rental property calculator, but I am not sure whether I did it right or not. My outcome was that the expenses are the same as the income.

Photo shows the SF. Duplex looks in similar. No inside photos shown. 

Any input is greatly appreciated! I was told that the owner received a couple offers. 
Thanks, 
Anja

[Ali Boone]

There is definitely some missing pieces here, and enough that I would be hesitant.

- Why do the expenses not include property taxes and insurance? Those could be huge deal-breakers right there.

- How do you know the condition of the property? It could be in shambles on the inside and could require an extensive amount of work, which would kill your cash flow in a big way. 1954 is very risky unless it's previously been gutted and redone.

- Don't forget to account for repairs and vacancies in your expenses.

- If this is break-even per this analysis, it will likely end up extremely negative once you include all of that stuff.

- Why would the 2bed/2bath unit be the same rent and size as the 1/1? (typo?)