Duplex for first investment property - Should I pull the trigger?

[Kyle Forbes]

Hello everyone, I'm looking at a duplex in Hampton Roads, specifically Park Place in Norfolk, as my first investment property. The house is on 36th st and is from roughly 1920. It needs a new roof for $6000, but other than that I don't think it needs much of any work, so I set a rehab budget of $12,000. I can get it for $60,000, and the seller is willing to finance. It's going to gross $1400-1500 monthly, and depending on how much I put down and my interest and can cash flow $300-$500 a month (after setting aside 10% for pm, %10 repairs, 5% cap ex, and 10% vacancy.) The house consists of a 3b/1bath and a 2b/1bath, and the neighborhood isn't terrible. Is this a good buy and hold investment? I'm having trouble nailing down a comp, but would I even have equity in it if I did this?

[Kyle Forbes]

Update: The real estate agent for this house is also the property manager. I asked to review his contract in case I wanted to hire him to be my property manager, and he called me today and said that he wasn't interested. He refused to take on anymore properties in Park Place because it has just been too much of a hassle. He's been seeing people place a security deposit, pay for two months rent, and then just stop paying. Basically I'm not going to pull the trigger on this place lol.