Please Review My Rental Analysis!

[Michael M.]

Hi All, So I think I found a duplex to invest in Clark County, Ohio (My first investment...and out of state to add to it!).

Just wanted to get everyone's thoughts and opinions prior to writing the offer. Please let me know if you think I'm missing something. I'm a little nervous (out of state investing part) yet excited (because it'll be potentially my first investment). All advise is appreciated!

Thanks!

Assumptions: 


Closing Cost: Assumed 4%

Property Tax was estimated at $2700~ on Redfin / Trulia, just pampered it a bit to be conservative just in case with whats going on.

Repairs: $5,000 - Based off photos, house looks well maintained; just a reserve amount for any touch up work needed

Interest Rate - Used 5.125% since it'll be an income property 

Rents - Prices are on par with Zillow's advertised rent in the surrounding area, verified with local REA. Also, tenant pays all utilities

Unit 1	Bd / Ba	3/1.5
Unit 2	Bd / Ba	3/1.5
Asking	$ 200,800.00		Down Payment	25%
Purchase Price	$ 185,000.00		Loan Amount	$ 138,750.00
Closing Cost	$ 7,400.00		Interest Rate	5.125%
Annual Property Tax	$ 3,500.00		Duration of Loan (years)	30
After Repair Value	$ 185,000.00		Monthly Payment	$ (755.48)
Estimated Repairs	$ 5,000.00
Total Cash Required	$ 58,650.00
Property Tax	$ 291.67
Water	$ -
Maintenance Expenses	$ (126.00)	7%
PM Fee	$ (144.00)	8%
Cap Exp	$ (126.00)	7%	Unit 1	$ 900.00
HOA	$ -		Unit 2	$ 900.00
Insurance	$ (150.00)		Unit 3	$ -
P&I	$ (755.48)		Unit 4	$ -
Total Monthly Expenses	$ (1,009.81)		Projected Monthly Rent	$ 1,800.00
		NOI	$ 790.19
		GRM	8.565
		Cap Rate	5.13%
		COC	16.17%