My First Bank Finance Deal - Sanity Check

[Ron C.]

Hello All - I put an offer in on a 2-story, side-by-side Duplex and have my financing in place. I have never used bank financing on a deal before. I have run through the numbers, but I am not completely confident at this point, so I'd like to see if somebody would be willing to take a look at my numbers to make sure I am on the right track. Especially to make sure it looks like a good deal or not.

The property is located in Southwest Des Moines, Iowa. It is in a reasonably nice, working class neighborhood. I am comfortable in the neighborhood and would live there myself. Each side is roughly 900 sq ft and has 2 bedrooms and 1.25 baths. It is currently occupied by long-term tenants. Tenants pay all utilities. Current Rent is $750 per unit.

It was built in 1981 with full basement. It has newer siding, newer roof, newer appliances, newer HVAC and new driveway on one side. It will not need any immediate repairs, but I will have it inspected to root out any issues. It will need some fresh paint and normal turnover items once vacated.

I will be self-managing the property as I currently manage 3 SFR's, so I've budgeted minimal for that category.

Here are my numbers
Asking Price: $155,000.00
Purchase Price: $145,000.00
After Repair Value: $155,000.00
Down Payment %: 20.00%
Loan Amount: $116,000.00
Term: 30 years
Interest Rate: 4.25%
Property Tax: $2,060.00
Closing Costs: $2,200.00
Estimated Repairs: $-
Down Payment: $29,000.00
Cash Due at Closing: $31,200.00

Monthly Expenses
Monthly P&I: $570.65
Property Tax: $171.67
Insurance: $67.00
Vacancy: $90.00 (6%)
CapEx: $120.00 (8%)
Management: $15.00 (1%)
Repairs: $90.00 (6%)

Monthly Income:	Monthly Expenses:	Monthly Cashflow:
$1,500.00	$1,124.32	$375.68
NOI:	Total Cash Needed:	Cash on Cash ROI:
$11,356.00	$31,200.00	14.45%

On paper, it seems reasonable. I followed some of the advice I found on BP of targeting $150/door and Brandon's min CoCR of 12%. The asking price does not seem that far out of whack for the Des Moines market. Most that have been listed recently have needed ton of work or are in bad areas.

Is there something I am missing or overlooking that is common sense of other investors? Does this seem like a reasonable deal? 

Any advice would be greatly appreciated.

Ron