First Deal!!! -- Two town houses outside a military base?

[Ryan Moran]

I've been searching for months now for a decent buy-and-hold deal near my location of Ft Rucker, AL. Through the MLS I found a guy who owns two adjacent town homes just a few miles outside the gate. He's asking a higher price, but if I purchase both that'll give me better negotiating power and they should go for the mid to low $50k's. They need almost no work to be rent ready. Below are the numbers for just one home (they are identical) that I ran through the bigger pockets rental calculator. I'll be using a local bank who will hold the mortgage in-house. I'd like to know what you guys think! Thanks in advance for the help!

Purchase price - $55,000

Down payment - 15%

Interest rate - 5.5%

Annual property taxes - $762

20 year amortization

HOA fee - $45/mo

Insurance - $67/mo

Vacancy - 10% Repairs/Maintenance - 5% Capex - 5% Management - 10%

Monthly rent - $750 (other similar properties are currently rented for $800) 

======== Montly cashflow = $27.91

Notes: I'll be doing the property management but factored it in anyways. Repairs and Capex I estimated on the low end because the properties are less than ten years old. Vacancy estimated at 10% because I'm going to be SUPER picky with tenants. Properties are individually metered and tenants will pay utilities.

Very low cashflow, but it's the best I've seen in my area.  Please let me know what you think.  Any and all comments welcome.  Thank you!

-Ryan