First deal (duplex), looks good I think - thoughts?

[Audrius Pauliukonis]

Just viewed this property today, seems like it could be a good first investment property.

The property is currently unoccupied, advertised as 1295/unit, I used 1200 to hedge a little.  It is listed for sale at 199k, I used 190k, on market 60 days.  Property is in great shape overall, easily move-in condition.  I'm told that there's a housing shortage in NH and the overall statewide vacancy rate is less the 1%, and this place should rent easily.  Heat, water and sewer included.  No foreseeable capital expenses in the near future, it's really a nice property.

The (maybe) bad: the town it's in has gotten a pretty bad rep for awhile, although things appear to be turning around.  Certain areas are on the up and up, this property is in a better residential area, and you can see there's improvement happening in the downtown nearby, with more planned in the next couple years.  Rents have been on the rise, but 1200 (never mind 1295) would definitely be close to top dollar here.

What makes the numbers most workable is to self-manage, which is where I'm hesitant...I always foresaw paying a management company, but that dips too far into the monthly cash flow to make it viable.

Any thoughts?  Maybe it'd be worth this property to learn how to be a landlord?

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