Potential duplex in hot area of Austin

[Bill W.]

I'm looking at an off-market duplex in Austin, TX 78723 zip code. The gross monthly rent is $675 for each side. Both tenants are Section 8.

The home has a new roof on it, but other than that needs a lot of work. I estimate that it will need about $15k to make it presentable. The home passes Section 8 inspection, but I'm actually surprised that it does given its condition.

Once improved, the home would bring in $775-825 a month for each side.

It's in a really hot area of Austin with property values skyrocketing. Comps are a bit difficult because there haven't been many multi family houses sold in the last six months in that area.

Purchase Price: $99,000

Gross Rent: $1,355

Required Improvements: $15,000

Market Rent w/ Improvements: $800 +/- $25

ARV: $140,000 +/- $5000

My plan would be to hold and continue to rent as it is and when each side emptied, improve it and increase rent.

Thoughts? Questions I should ask myself?