Duplex - subject to inspection

[Raman Bindlish]

All, 

I am in contract for my first investment in a duplex (it was an offer subject to inspection). Looking for quick analysis and advice. I want to know views from experienced folks if I am making a gross mistake. 

Purchase price - 330k with 5k closing credit

25% down at 4.375% 30 years fixed

Taxes - 4,500 per year

Insurance - need to figure out (hopefully within 2k per year) - any advice? 

Current rent - $1100 each ($2200 total)

My analysis is that it is barely cash flowing but the rents are below market rate. My target is to get the rents to 1300 at least fairly quickly. And after some rehab, around 1500 each side as potential for rent is high in that neighborhood. 

Inspection is scheduled in next 48 hours and I am hoping it is not too trashed as families are living there. 

Look forward to advice on whether it is a decent enough deal and what should I look for before going too far into it. 

Raman