Am I missing anything in my analysis?

[Kenneth Cowan]

I am inching closer and closer to making my first purchase (hopefully within 3 months).  I'm the super cautious and slow type but I know that mastering the numbers inside and out will help me feel more comfortable in pulling the trigger when I find a good one.

I've put together a deal analysis spreadsheet for a duplex purchase in my target market, Indianapolis. I tried to be conservative at every turn (low rent, small equity margin, 40% expenses, etc.) so that I analyze from a worst-case position.  I have about $35k to put into the deal but will be looking to get cash out when first possible in order to repeat the process.  

I'm hoping you folks can help me see the things I may be over looking. From my analysis, if I can find a deal in around $35k and hit an ARV of $50k, I can reach my COCR target of 12%. These zip codes have strong rent/price ratios that I believe support all the numbers listed, but I am obviously no expert here (yet!).

If you have any thoughts, good or bad, please let me know.  I am trying to soak in everything I can. If you are also an investor in this area, I'd love to hear any thoughts or experiences.  I'm looking to meet anyone that has experience in Indianapolis or similar markets in the Midwest.  

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