Is this is good deal on a 2bd/1.5ba duplex?

[Mark Hayes]

I'm a newbie looking to get started. I'm looking for a long-term buy and hold forever type of strategy. My goal is to acquire just enough A or B class properties with low maintenance, good quality tenants that I can eventually retire on the income.

The deal I'm looking at is an off-market duplex for $250k. I've made a couple of offers on it but the sellers won't budget on price. Here are some additional details.

Type: duplex

Price: $250,000

Down payment: 25%

Interest rate: 3.45%

Year built: 1994

Rent: $995 per unit (both are currently rented with a long term tenant of 4 yrs on one side)

Property management: 10%

Tax amount: $1,880

Insurance quote: $1,392

Condition: good, no renovations needed

Another thing to note, I compare real estate income to the safe withdrawal rate that I can expect from my stock/bond portfolio (which is about 3.5% after taxes), so the cap rate and cash on cash return don't have to be astronomically high in order for a real estate deal to work. I do, however, want it to at least be worth the extra hassle of dealing with tenants.

Does anyone have any thoughts on this property?