First duplex questions

[Steven Carnahn]

I want to throw some information out here and see what kind of feedback I can get. I found a beautiful brick duplex in town listed for 89,000. I waited a week after we looked at it to put an offer on it. Well, someone beat me to it. They are using a VA loan but my realtor said that it didn't sound very promising for them. Why, I do not know but regardless we put in a back up offer on the duplex. I offered 89,000 and seller to pay closing costs. And that is as far as it has gotten so far. I asked my realtor for some info so I could use the rental property calculator. She said that it appraised for 118,000. The top unit currently rents out for 500. Which I believe is low and I am underestimating everything to be as realistic as I can be. I feel 600 is what the top can rent out for. I will live there in the bottom unit for a year and take advantage of the house hack process. It will need a few thing like 2 new garage doors and some inside repairs in the garage, New carpet in a few rooms, and the front windows have been replace so I think I should consider replacing the rest of them over time. When I used the calculator I plugged some numbers and come up with what seems to be good to me but I wanted to get some opinions. In the past, the units have been 500(top unit) and 600(bottom unit) a month. I think those could easily be raised 100 each in regards to local properties and apts rental rates that I have found. So with 3.5 percent down with an FHA, my COC ROI is 36.89% and cash flow would be 249.48. I have 100.00 a month going to repair and maintence, I have 100.00 a month going to CapEX and 60.00 a month for vacancy. This will all happen when the duplex is fully rented out. The first year or so while we live there, using the same numbers, I will be able to save money in the process. I haven't figured out how to calculate/categorize it exactly but to me it looks something like this. When my place sells I will have 17,000 in hand and I will no longer have to pay my lot rent of 361.00 a month. My tenant I will acquire will add 500.00 income. This is where I am at now. Trying to figure out numbers. Being as realistic as possible (from what I think). Am I overlooking something(s) important? The whole deal could not even happen but it would be good to learn for the next one I find. Are the numbers came up with realistic? I'm trying to think long term so I want to consider keeping more of my money while I live there and profit long term. When I type all of this out it seems random and I don't feel as confident about what I know. Please share any advice you can as I am taking my first step in the REI world.