Owner occupied duplex

[Arthur Banks]

Looking at a 2 unit 3BD, 1BA, full shared basement that can be sectioned off for secure storage, 2 car garage, separate utilities that I am looking to owner occupy. It's a HUD property in which they are giving $3050 credit for possible mold repair. My concern is it's been on the market for 260 days today. Well more accurately, it's been on and off the market from pending sales with no price drop other than yesterday from $77K to $75K. Nice neighborhood, near elementary school, mix of SFR and 2 units on the street.

Here are the numbers rounded up using BP calculator, let me know if I'm missing any critical info to allow you to help.

Asking $75K

Down & closing: $10K

Taxes $6600 (rounded up)

Repairs: $30K (my rough estimate. Getting contractors out immediately)

ARV: $140K (most recent ARV comp $144K sold 8/1/2013, other sold are between $71K - $77K before repair)

Insurance: $120/mo (need to confirm with ins)

Vacancy: $225 (10%)

Repairs: $112.50

CapEx: $112.50

PM: $220 (although I'd manage until I acquire too many)

2% Rule: 2.05%

Rent: $2200 ($2250 if renting garage @ $25/mo each)

Monthly Expenses: $1805

Cashflow: $445 (w/PM)

Loan based on 5% interest rate

My plan is to use 203K with 5% down stay there for the year.