Is this a great deal? MY multifamily

[Brian Garcia]

Hi BP, I'm wondering if this is a good deal? Sounds good to me I came across a duplex (8 beds/2 baths w tiny unfinished basement and a pull down attic in the second unit) in NJ asking for 231K. The neighborhood is a B 1 unit is a bar but I plan to convert it into a 3 or 4 bedroom 3 if I a laundry room or a second bathroom. I plan on offering 205K. My contractor told me max repair would be 80-90k. 3.5-4K monthly rental income. Taxes are 11K but will likley drop to around 8-9k after converting it to a residential property. Mortgage would be around $1360. Using an FHA/203K I ran it with expenses and I get around $700 monthly cashflow and about 60% CCR