First Property - Duplex

[Stephanie Bureau]

I'm looking at this duplex in San Antonio, Tx. They countered with a higher amount so I thought I'd have new eyes look at it. I'm really wanting my first property so I don't want to make a mistake in my eagerness. 

Rent: 1/1-$700

2/1 - $500 per bedroom

Offer: 110k

P&I: $498

Taxes: $247.75

PMI: $75

Insurance: $59

Vacancy: $153 (9%)

Repairs: $85 (5%)

Capex: $170 (10%)

Management(self): $170 (10%)

Operating Expenses: $1457.75

Cashflow: $242.25

I would be getting $100/side and after I get to 20% on my loan I'll have another $75/month when the pmi drops off. The only other thing is that it needs about 20-30k in repairs. Nothing is so bad its inhabitable but new windows, redo the hardwood floors, some drywall need to be repaired, paint and we were thinking of putting in ductless a/c since it only has window units. 

Thoughts?

[Stephanie Bureau]

FHA. My lender is having me put 5% down.