1st deal analysis on duplex

[Stephen Miller]

First post! Been lurking here for about a year and after walking a few units and patiently waiting I believe I found my first property. I used the rental property calculator and just wanted to make sure there isn't anything I missed.

The property is a duplex that is currently rented. Roof/furnace are 8/10 years old, respectively.  I have copies of the leases and the seller disclosure. All looks good there except no mention of water heaters. I have a family member that will also be looking over this but he is kind of "old school" (He has 19 doors and has been in it for about 25 years). Tenants have both been there 5+ years. They pay everything except trash and sewage. Details below. There is also a garage on the property that is not currently rented.

Asking price $65,000

Rents $575/unit

Taxes $820/year

Garbage/sewage $75/month

30 year with 20% down @ 4.5%  $263/month

Insurance rider on my homeowners for structure is $450/year and I'm waiting to hear back on an umbrella policy-only unknown in here-Sorry! It's good Friday and I was hoping to get thoughts over the weekend

Using 7% vacancy rate and no assumptions on the garage I came up with on the calculator:

CAP rate 16%

Cash on Cash ROI 51%

NOI $11,072

I did not calculate CAPEX into the calculator properly???-- I tried to put in 50% but it only shows under the 50% rule. Should that not be included in the cap rate and coc roi? I may be using it wrong.

The plan I wrote out on paper gives me a gross annual income of $12,834 (7% vacancy) and $5,326 "fixed" expense w/o umbrella. My goal would be to bank every dollar for the 1st year towards capex then pull out cash flow % after that initial year to add for my next units.

I truly appreciate any thoughts or insights from anyone who can chime in. Thanks!