First Property Under Contract

[Matt G.]

So I finally have a property under contract. It is a 1/1 each side 1140 sq ft Duplex in Killeen, TX, very close to Ft Hood. The list price was $43,000 and the purchase price is $37,000 with the seller paying $500 towards closing costs. The tax value is $30,272. The duplex is in a neighborhood of all SFH and was build in the 50s. Seller is an older couple who is liquidating their holdings.

Each unit is rented until 4/30/2014 at $350 a unit for a total of $700 a month. One of the tenants is new while the other just renewed for her second year. Tenants pay all utilities, water, etc.

I am paying all cash for this property. I would have liked to finance but haven't been at current job for two years ( will be in December). I would like to refinance to have money for a second property but not sure if the amount is too low to do. Any suggestions for lenders in Texas who would refinance this amount?

Income per year - $8,400

50% rule - $4200

Leaves $4200 a year for a cap rate of 11.35%

Looking for opinions on if this sounds good.

Thanks,

Matt