Duplex in Gainesville, Florida

[Brent Hill]

Looking to purchase my first duplex in Gainesville, FL for a rental.  Duplex is in "Phoenix" subdivision of 32608 area code.  I would say C-/D neighborhood.

I need everyone's input on a deal that I'm in the process of making. Here are details:

• Specs: Duplex built in 1979, 2/1.5, 2 stories
• Purchase price / financing: $50000 with 100% financing
• Rented: Both units are rented at $500/unit/month = $1000/month
• P&I: $370
• Insurance: $55
• Property taxes: $65
• Maintenance, repairs, reserves: 15% of total rent = $155
• Utilities: $0
• Property Management: $105
• Vacancy: 10% of total rent = $105
• Cash flow:  Approx $160

Duplex needs $5000 of repairs.

Seems like this will cash flow but I just don't like the neighborhood and I am worried about declining values and if I needed to sell down the road the value wouldn't be there.

Thanks in advance.