My First Duplex in Utica, NY

[Kadeem Howell]

Hey BiggerPockets. Looking for feedback on a rental in Utica, NY I'm considering..  Here is a link to the BP analysis that I ran. Below are a few notes:

• The house is a 2 family with each unit having 4 beds with 2 baths, 2,680 Sq ft on a 3,560 sq ft lot
• Seller is motivated and want to move out of state. Last sale date is 03/2013
• Purchase Price of $40,000 using a personal loan at 9.99% of $47,000 to cover purchase, closing costs and loan fees.
• Currently rented at $1,625 and is occupied. One unit is month to month at $825, the other units at $800 has a lease until August 1st
• Tenants cover all utilities (water/sewer, gas, electric)
• Current owner is only covering taxes and insurance. House is owned free and clear. $3,000 in annual taxes, $990 in annual insurance
• I put 5% of the rent for vacancy, 5% for capex, and 5% for maintenance
• Per seller, most updated maintenance on the house was replacing the ceiling in the first floor living room (Sent pictures for evidence)
• I have no intentions of doing immediate rehab unless necessary (Will be seeing the house next week). The ARV is used in the calculator is the full market value based off the last years (2016) assessment.
• 10% for a property manager.

Any feedback would be greatly appreciated!