My first deal-- Please help

[Joe C.]

Hello to all the great people on BP. I'm having trouble analyzing these properties in my area. I'm very nervous cause I don't want to mess this up, however I'm also exited and want to get started in REI.Here is an example of one of them. Conventional lending--Purchase price 50K--Rents for 750/m--2008 taxes were 4000 and I'm trying to implement the 50% rule. The taxes are whats messing me up, isn't the 4K going to eat up half the NOI? Any help or advice will be greatly appreciated. -Joe-