2 Family Analysis

[Fred Shandler]

A wholeseller contacted me with this deal. This is the way (I think) I see it -correct me if I'm wrong.

Asking Price: $39,900
Rents: $485 each/$970 total
Taxes: $2,516 (YIKES)

NOI: $485
P/I: $252 (30 years @ 6.5%)
-$112 (for additional ridiculously high taxes)
= $121 or $60 per door

Unless I'm looking at this incorrectly, I think the most one could pay (for ample cash flow) is $28,000:

NOI: $485
P/I: $177 (30 years @ 6.5%)
-$112 (for additional ridiculously high taxes)
= $196 or $98 per door

Am I correct in this assessment? Any input would be appreciated.

Thanks!
Fred