2 homes, one price-tag

[Ryan Conklin]

I am looking at a multi-family listed at $90,000, I ran all numbers with this price. The parcel of land includes 2 homes with 2, 2bd 1ba, units. The one home was just rehabbed and is occupied 100% receiving $1125/month. The seller states that the second home "needs updating before renting". The picture of the first spreadsheet is assuming I never rehab the other 2 units, the second is assuming I get them up and running. Average listing price in area, mostly SF and duplexes, is $130,000. I would lose money until the second house is complete.

I tried to estimate high so I am not surprised with anything. Are any of my numbers off? Am I missing expenses? 

How much should I expect to pay for "updating" of 2 units? $50,000? Is there a "good" way to finance this?

Most importantly...Is this even a good deal?? If not, is there a price that this deal would make sense? 

This would be my first deal so I am looking for some heavy criticism.

Thanks!