Rental property analysis

[Jeremy Jackson]

I'm working on a rental deal with another investor.  This one won't require an agent, investor to investor.

  It is a duplex that is occupied, both units.  Asking price is $39,500, although I'm still negotiating.  I want to make sure my numbers are right here so....

asking price- 39,500

20% down- 7,900

amount financed-31,600

interest rate- 4.5% (I have been pre-approved)

30 yrs

monthly rents-725

p/i monthly payment- 160.11

monthly ins-25

monthly tax-70

PITI-255.11

30% (vacancy/maintenance)-217.50

cashflow- 252.39/ month

Hows that look?  If I had someone else manage it I'd be out another $58 / month.  Tenants are in so I think I'd manage it as long as I could.  Owner seems to be very upfront with me and appears sound from the outside.  Offered owner financing also, but terms are steep.

What do you think?  Also, what can I expect to pay in closing costs?  How does this work without agents?

Thanks in advance!!