Possible first Deal

[Trey Stanley]

I think i have found a property that seems like it would be a nice starting point in my investing career. Its a Duplex each unit has 2 bed 1 bath and is currently full rented at 500 a unit. which is at least 100 a month under current rent rate for comparable units. here are the numbers.

Cost 40K (But i'm hoping i can get for 35K been on market for 45 days now)

Monthly rent-1000 or 12,000 annually

Expenses yearly approx.

utilities- paid by tenants

Taxes: 2012 taxes was 400

Insurance: estimate 700

Vacancy (10%): 1200

Maintenance: (10%) 1200

Management (10%) 1200

Misc: 2,000

I wanted to see if this is a decent deal. Also i was told that banks will not give a loan on a house under a certain price. is this true? if a loan is possible i would put down 10% 4k and finance the difference 36k.