Grand Rapids, MI - Good deal?

[Thi Dalley]

My husband and I are looking to invest in our first deal. FHA, owner occupied, 2 story duplex. First floor - 3 bedrooms, 1 bath. Second floor 2 bedrooms, 1 bath. It is in the Midtown Area of Grand Rapids. Judging from what the previous owner charged his tenants, we can rent out the top for 750-800 and the bottom for about 1100. The duplex has good bones, but needs about 10,000 put into it. See photo for analysis (for when we move out in 2 years and rent out both units). For now we will be living in the bottom unit so obviously this analysis is for the future.

The numbers seem right and good. I think since its our first I just have a few things run through my head like "what if it doesn't rent" "what if we run into things we can't afford to fix" "its an 1880s home, it's too old etc. etc. We got a private home inspection done which was helpful so we know what we are up against. For the most part, visible knob and tube wiring has been updated.  A couple questions: 

Q: The upstairs doesn't have laundry. Is it worth it to install a washer/dryer hook up? Personally, if I was a renter, I wouldn't pay 750-800/month if there wasn't a washer dryer hook up but that's just me. Also, there is no off street parking. We have a shared driveway with our neighborthat can fit on car on our side. Is that a big turn off for people? 

Q: The area is up and coming right outside eastown and reeds lake. Does anyone know much about how easy/difficult it would be to rent out? I hear that Grand Rapids currently has a 2% vacancy rate. 

Q: Does this seem like a promising deal? It's our first so I'm half ready to take the leap and half wanting to hide under a rock and keep analyzing deals. We have been looking for several months now and the market is really hot so when we came upon this one we jumped on it. We are excited and kind of scared at the same time!