Help with duplex analysis

[Lance V.]

Okay it's a listed property but for sake of practice, please help me run through some numbers. It's in the area I'm trying to be as an owner occupied 2 unit, and it's cheap. I'm considering viewing, doing my DD, and putting in a low offer. Pictures show it to be half rehabbed before it became a REO.

Asking $65,161
2 flat - 3/1 and 2/1 (all it says is 5/2)
2 car garage
$2,656 taxes (seems high, 2009)
Near UIC

Conservative rent estimates : 600 x 2 = 1200 although I'd be living in one. Other rentals around for 2/1's are 800-900 although rehabbed nicely.

Applying some rules:
1200 gross rent with 50% rule = 600 NOI
1200 gross rent with 2% rule = 60k max price (minus any rehab)

I don't really know where I land financing wise but I have 700+ credit and around 10k in the bank with a decent income. Currently live very comfortably paying $700 rent. Also the taxes come out to 221/month which seems very high and I don't know what insurance costs will be.

Thanks,

Lance