Pittsburgh Duplex Analysis

[Eddie Werner]

I am analyzing a duplex that could be my first investment property. After negotiating with the seller he would sell for 55k cash. The property was listed for 70k.

Current market rents for a 1/1 is between $550-$650 (I am using the low end to be conservative)

Revenue:

Rental Income: $1,100

Vacancy at 10%: -110.00

Net: $990

Expenses:

Taxes: $180

Insurance: $42

Property Management: $120

Maintenance/Repair: $100

Total: $442

NOI: $548

Mortgage: $378

CASH FLOW: $190

Additional Comments: PM will take first months rent when a new tenant is placed. I need the property to appraise for 70k so I can refinance and get my initial cash payment back out. The county website shows the full market value is $81,200. Will that have any bearing on the appraised value?

Comments are greatly appreciated.