My First Deal - $60k Duplex - What do you think?

[Josh Robbins]

Hi All,

9 months ago i decided i wanted to invest in real estate and i'm finally taking action and got my first investment under contract (home inspection next week). I've run the numbers but would love to hear what people think. I actually plan on paying with this out of my HELOC from my primary, doing some cosmetic work to it, and then in 6 months refinancing at the appraised value. i believe an appraisal with under $2k of work should come in around $85k. Details below but let me know if you would like any other information.

Purchase Price: $60,000

2 Family, each unit 3/1 , 2024 sq ft.

Current Rents: $775 and $725 - both units occupied with one year leases

Location South Central Troy, NY

Taxes: $4,687  (sadly this is not a typo - property is assessed at $103,000 which i will contest, hopefully bringing this down)

Insurance: $800

Water/Sewer $918

Garbage/Recycling: $232

Other utilities are paid by tenants

I have no actuals for maintenance/repairs etc but the roof is old and will need to be replaced in the next 5 years.  Electrical was updated 2 years ago.  Building was built in 1910.

I appreciate any feedback