Duplex Help please

[Adrian Mata]

I found a duplex that is pretty nice in Indianapolis and being that I'm from WA and CA it is very reasonable but when I use the analysis given, I'm having trouble. Am I doing this correctly?

These are 3-bed 1-bath, and should bring $600 per month each side quickly. We want to create another bathroom and reconfigure the kitchen.

As-is with a mortage of $361 and using the 50% rule...

Gross rents $1200 per month ( 50%) = $600

$600-$361= $239 per month cash flow

Purchase price: $ 79,500
Closing Costs: $1988 - computed from my spreadsheet
Downpayment: $15,900
Loan amount: $63600
Repairs: $5000-I have no idea. I'm totally guessing.
Rate: 5.5% - I got this from a mortgage banker at the local Chase
Term: 30 years
Mortgage Payment: $361

Vacancy: 8%

Gross rents: 13248 - with 8% vacancy included
Property Taxes: $2036 annual
Insurance: $480 -I estimated that at $40 per month
10% gross rents for maintenance-1440
10% property management fee- $1440
1st month's rent for property management leasing- $1200
Administration- $1500 -cost to set up the LLC with a lawyer
Yearly cash flow: $934
Cash on cash return: 4%

The MLS sheet says the tenant pay all utilites but I'd have to pay the water. I didn't allocate any advertising costs because the PM does that.

Am I on the right track with my calculations?