First deal down #2 negotiating

[Steve Polk]

Right at the end of 2015 I closed on my first rental property. In hind sight, there are things about the deal I like and some that I don't. However, i value the opinion of those of you with greater experience. 

Here is deal #1

2/2 condo near a university

Paid 40k - 15% down on a commercial loan through our LLC

Inherited a tenant paying $695 a month, she moved out March 1 leaving ruined carpet due to an unapproved pet. We knew she and the carpet had to go at purchase and her deposit covered that cost. In the turn, I put about $200 into some minor fixes and a full paint job - about 15 hours labor. 

Should have a new tenant first part of April paying $825. 

All the numbers:

Price 40k. Loan of 34k for 7 years at 4.2% ($470/mo)

Taxes 890

Insurance 360

HOA 95/mo

Property management 10%

Should net $75/mo before repairs. 

I would rather have a longer term on the note and more cash flow. 

2nd deal (out of state owner that wants out) 11 year old property

3/2 townhome offered 50k, should appraise for 85K, waiting for counter offer

Great long term tenant in place paying $950

HOA 110/yr

Taxes 1045

Insurance $600 est.

Should cash flow about $350/mo at my price. 

Thoughts and questions appreciated.