Analyze deals in Jersey City

[Herman Chen]

Dear BP members, 

I have been reading and listening to BP podcasts and am anxious to close on my first deal.  The two deals listed below are in the Jersey City, NJ area.  I think property around here is relatively more expensive and I think would be difficult to find a 2% Rule deal.  50% ruIe works.  I would be so grateful for any advice they can give on these two potential deals.  Thanks in advance!

Deal #1

Asking Price: $340,000

2 Unit duplex 

SqFt: 2827

Rent: 2600 / month (for both units together)

Brand new renovation just done on one floor, other floor needs $20,000 to renovate

Deal #2

Asking Price: $399,999

2 Unit duplex

SqFt: 2500

Rent: 2900 / month (for both units together)

Already has tenants.  If tenants leave, I would spend about $60,000 to gut renovate

Are there any experienced BP members that can help me to analyze this deal?  I've done some calculations myself but I would feel much better if I can compare my analysis to experienced investors.  

Thanks so much!

[Jason D.]

You'll need to give a little more info on the expenses. What are the taxes? Debt service? Are you managing yourself? The numbers that you have tell me they are cash flow negative, but there really isn't enough to say for sure