Am I crazy for offering so low?

[Daniel J.]

I am working on analyzing a duplex plus garage apt near me and the numbers seem too extreme to make sense. I finally saw it today and it needs some major work, including foundation repair and tile work in the baths. The rest of the work might just be cosmetic, but one never knows what you'll find. The asking price is $189,000, I'm looking at a purchase price of $55,000-$60,000 when I include the cost of repairs and such, and giving room for if I ever wanted to use PM in the future. The property is located in Conroe, TX. If I went with this price range it would enable me to pay cash through a private lender. I'm trying to be conservative and pursue a reasonable cash flow for myself. Do these numbers sound overall correct? Please let me know if I'm missing something. 

Rent: $2,000 Monthly

Repairs: $25,000

Taxes: $4,000

Insurance: $2,000

Maint: $1,200

CapEx: $3,200

Vacancy: $2,400