First Deal Analysis Check

[Abdul Rau]

I'd like to mention I heavily appreciate the content and information BP provides. I am a new investor and have been looking to invest in the Cleveland / Columbus area. I plan to buy and hold while cash flowing my first deal. This is a huge step for me and I would highly appreciate an analysis check! 

Investment Info:

Duplex in Euclid Ohio - buy and hold investment. The duplex is in great shape (brick) with all major repairs done. Comps are around 140-190k in the area. Both units in the duplex are 2/1 (2 bedrooms and one. The inspection went okay, the electric panels need to be replaced (under 1200) along with a small drywall repair and 2 cracked windows. The seller isn't willing to budge on repairs. 

Purchase price: $163,000
Cash invested: $44,500 (this includes a 25% down payment and a little under 3k in closing costs at 7.4%)

Plan: The market rent is $900-950 while the CMHA HCVP Voucher Payment Standard in Cleveland are as follows:  2 bedroom - $1,197/month. It would be ideal to have both units with CHMA tenants at 1050-1100 a unit and I've found a property manager that can assist in working to get this property CMHA approved and get CMHA tenant's in place and charge 5% of rental income along with the first month's rent for tenant placement. This will be a buy and hold investment.

With the following investment tool numbers crunched - I should be at a 10%+ cap rate and 14% COC.

Please let me know what seasoned investors think!