First Investment deal after 3 months on Biggerpockets

[Herlando Y.]

Intention: Buy & hold

House info:
Fannie Mae Homepath Duplex
Built: 1970
Asking: 265,000
ARV: 285,000
Repair: 10,000 (Maybe: House is in great shape)
Down payment: 20%
Closing Cost: 10K

Income: 
  30K - 32.4K
Monthly Expense (+Mortgage&Insurance &Tax&Capex&maintenance&vacancy):
   24.3K

This deal does not look very good at first. If I add property management fee, I will break even and not earn any passive income. However, if I management the property myself and learn the trade by house hacking I can obtain about a 4-5% return eventually. Township tax assessed the property at 400K. Market value is hovering 270-335k. If I can get it reassessed for the current market value then I can potentially save 3k annually (adding value). That will boost my Cash ROI to 10% and will break even after 7-8 yrs.

Property has been vacant for 2 years. It did not sell during a sheriff sale last year November. Been inside the house and everything looks great. I do not see any thing structural and mostly just cosmetic touch up. Only negative about it is the electric heat, but the tenant will pay that. Neighborhood is okay. I say a solid B-. Mostly rentals nearby, but this property is at a dead end.

I will mostly likely be the only one bidding on it. Due to the freakish snow storm the 4 day window has been reduced to 1.5 days? However my agent is pushing me for a higher offer than my 250k. 

What do you guys think?