Help with poss 1st duplex

[Robert Fuhs]

This would be my first deal. It came on the market 2 days ago. It's in a suburb of Minneapolis. The pictures on line look good to me. Good condition, decent neighborhood.

Here are the details:

-Duplex. 2bed/1.5 bath each side. Couple possibly be made into a 3 bedroom.

-Current rent is $1200 per side. $2400/mo; $26,800 per year.

-Asking $250,000. I'd offer no more than $240,000

-Expenses:

taxes: 292

ins: 150

Repairs: 120

CapEx: 120

Snow/Lawn: 150

Vacancy: 100

Mgmt: 240

Total: $1172, $14,064

I'd put 20% down and finance the rest ($192000). PI=$1031

NOI= 1228/mo; 14,736/ yr

Cash Flow: 197/mo; $2364/yr

ROI= 4.9%

Cap rate= 6.14

This is a buy and hold for me to save for retirement in 20 years.

Is this a decent deal? If so, I'd like to move fast on this one.