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?