Getting serious with my first potential rental

[Damien L.]

Hello guys,

Just started learning all that I can this year.  I am also a firm believer that taking action and getting involved with a deal is the best teacher.  My area of interest is rentals right now.  I am considering a two family (duplex) that's close to me in a good town/area.  It says that both units are already leased which could be good or bad in my opinion.  I have to guess what the leases are for now but I will contact the real estate agent to find out.  I would be very grateful if you could take a look at a few of the numbers below and let me know if they make sense to you.  Thank you so much!

Selling Price: $112000

Down Payment: $22.4k

Mortgage: $415

Income: $1500 ($750 per unit estimated)

Expenses: $750

Monthly Cashflow (after expenses and mortgage): $335

Yearly Cashflow: $4020

Cash on Cash: 18%

1% Rule: 1.3%

Let me know if that's not enough information.

Thanks again