Need some help on analysis for first duplex

[Frank C.]

Hello everyone, I appreciate you reading this post and hopefully you can lend some advice for a hungry investor. I am looking at a duplex that is 11 yrs old in a C+ to B- neighborhood. The builder/landlord designed the duplex to be low maintenance and has already replaced a few of the appliances in the last two yrs. Below are the numbers:

Purchase price: $93000

Rental price being conservative: $600/mnth/unit or $1200/mnth total and the property has good rental history and a little better than 8% vacancy. Currently rents $600 one side and $675 section 8 with long term tenet on the other.

Cost after closing (inspections/closing cost/ 20% @4.5%): $22900

EXPENSES/yr: Property tax: $1800; Insurance: $900; Property Mngt @ 10%: $1325; MX & repair(7%): $1008; Cap Ex(7%): $1008; Misc: $500; Vacancy(8%): $1152.

Debt Services/yr: $4524

If my numbers a good and conservative, I am looking at operating expense ratio of 50%, Cash Flow of $182/mnth, & Cash on Cash ROI of 9.53%.

I think my analysis and assumptions at correct for a property that has been taken care of and built with maintenance in mind. The property is 11yrs old so the roof is still good and I probably have a good 4-7yrs left on the HVAC. The seller is firm on his price, but I need a higher cash ROI. If I can get the seller to cover all closing costs, then that would get me to around 11.3%. This is a turnkey rental and am looking at my first investor deal. I would greatly appreciate any advice someone has. Thank you for reading.