Duplex Investment Property Evaluation - Looking for feedback

[Peter Mikhjian]

Hi everyone, i'm just about to close on a duplex investment property i've been looking at for a few weeks and I wanted to get some feedback on what everyone thinks, here are the details:

Property: Duplex, both sides are 3 bed/2bath, good area (close to downtown, shopping, good schools). Zipcode 28270 in Charlotte, NC

Price: $275k (originally asked for $325k)

Loan: Putting 25% down (yikes!), including taxes and everything, total monthly will be about $1400/month (includes maintenance)

Currently rented: $1925/month total (950 on 1 yr + 975 on month to month)

Both sides haven't been updated since 1988, so it doesn't show well, but structurally, it's perfect.  Also, I think since it shows so poorly, that the rents are super low.  After it's updated, I think we could get in the $1100 to $1300/month range for each side.  Both sides could probably use about $5 to $8k to make them look good.

Do you think this is a good investment?

Thanks