First deal | seeking assistance

[Pierre Toussaint]

Hi all!

My wife and I are under contract on the following property. We're approaching it as an investment property. This is our first deal and could use as much input as possible.

Rental Calculator analysis: https://www.biggerpockets.com/calculators/shared/6...

Address 1751 Concord Dr, Marietta GA

Purchase price: 120,000

ARV: 135,000 (we're assuming this based off of the original offer price. There aren't many duplexes recently sold in the area. There are two literally next door but those were purchased at 30K in 2009 and renovated like this one)

Closing: 2,500 (assuming a 5,500 closing since the seller is contributing 3000)

Repair: 5,000. The property seems in good shape with some cosmetic work needed. On this deal the seller asked that we made an offer prior to seeing it because it's tenant occupied. I guess they were looking for serious buyers. This seemed backwards to me, but we went ahead and made an offer site unseen with an inspection contingency.

Monthly

Rent: Both units currently rented at 700 each

PITI: 680 (assuming $100 home insurance)

Other expenses considered: Vacancy 75, PM (even through self managing) 135, CapEx 135, Repairs 75

Total: 1100

Assumed cash flow: 400

The biggest thing I'm worried about is the cash needed to do this. We originally budged 25K, but we will need 39K out of pocket since we learned that on this investment, the minimum down payment is 25% and not 20% as we anticipated.  This is cutting into our emergency fund but we're willing to do it if it's a stellar deal. 

Thank you