Is this a deal?

[Pierre M.]

I'm putting my first offer on an investment property ever. This is a duplex currently listed for $149,900. Took a look at one unit today and it appeared to be in great shape. The other was not available. Based on my assessment, I believe it requires very minor touch up (Less than $100). This is a duplex with 2/1 on each side. Each unit is currently occupied by sisters with teenage daughters and rents at $750 each. Rents have been the same since 2 years ago. I used rentometer and it returned a median rent at $995. Both tenants would love to stay after purchase. One currently on month to month lease and the other is wanting to renew a yearly.

Gross Rents = 1500
NOI = 750

My offer would be $130,000 ... here we go

Monthly expenses:
Taxes = 109
Insurance = 113
Water/Sewer = 100 (tenants take care of (very small) lawn in lieu of seller paying water)
*Management = 100 (paid to me)
*Maintenance = 150
*Vacancy (10%) = 150
*Total expenses = 722

* my estimates

I asked an appraiser to do a look up for me and he will get back to me on Monday. The contract would be contingent upon partners approval, financing, appraisal and buyer to approve of second unit. Realtor says second unit is nicer and cleaner than the one I saw. I included info from the county appraisers office:

2007 Value
Comparable Sales value based on sales from 2005-2006: $148,100
F.S. 553.844 Just/Market Value: $122,700
Assessed Value/ SOH Cap: $122,700
History Taxable Value: $122,700

online value tools:
Realquest says 147,000
realestateabc says 209,000

Any help, advice, suggestions would greatly be appreciated.

PM_Broker