How did I do please? First deal. Trying to learn for next time.

[Phillip Rosin]

I have 2 duplexes (B- Class) I purchased essentially as a package (same owner, identical and adjacent, but two separate properties) back in May 2020. Built in 1998, block construction, each unit a 3/2 and 1080 sqft, newer roofs (~8yrs). These properties were very much not maintained and the tenants were generally left to do everything themselves. Two of the tenants did an excellent job, including repainting the interior and keeping things generally clean. They both got signed on to 15 month leases, first 3 months having 1/3 of rent going to creating a deposit. Rents were increased from 800 to 1500 (decision made by the property manager and number used when I was running my calcs). The main issue is the cabinetry in all units was builder grade and is falling apart. The other two units were trashed. Got those two tenants out luckily. Each unit has separate utilities and electric.

2 units with tenants get all new appliances, new kitchen cabinets/granite counters, new light fixtures and a 'light' bathroom update (resurface tubs, update vanity and light). 

2 units that were vacated were completely gutted and redone, including the above mentioned and new shower/tub inserts and plumbing. 

One unit got a brand new AC. Another a brand new water heater. 

All units will be getting brand new windows (5) and sliding doors (1). My property manager is able to get this done for $15K, including materials. Most of the original aluminum windows are having issues operating and they are all single pane. The sliding doors are all banged up. Having lived in one of the units through the winter, I can attest how annoying single pane windows can be. My realtor and an appraiser have stated I should get a good ROI on this when refinancing, otherwise I probably wouldn't do it until absolutely needed. ***I'd like to get your thoughts here.***

All units will be getting a fenced in back yard. My thinking is this should pay off long term with being able to ask a bit more, offer something apartments in the area can't and decreasing turnover. I'm located in Clearwater, FL where it is nice to be outside most of the year.

PP was around 250K each with generous seller concessions. Estimated to appraise around 350-360K each after everything. Once I do a cash out refi, I should have around $120K left in the deal (I didn't initially approach this as a BRRR, but have since aimed to get as much out as I can). I estimate to be around 13% COC return after refi, if I take property management into account. If I remove that cost, just for comparison, I'm sitting around 16%. I am using property management, but I feel like I should look at this both ways?

One unit was purchased with FHA, other conventional. Planning on doing rate/term refi to conventional investment for the FHA and cash out primary refi on the other.

For my COC calculation, I'm including 10% for repairs and CapEx, 5% for vacancy, property management works out to around $1000 per door, pest control, lawn care, PITI. Also including projected new balances, costs and rates after refi.

I've seen so many people reporting 20%+ COC returns that I wonder where I fall in the spectrum of 'good deals'. I also wonder if they are all including property management in their calculations. The nice thing is I quickly got to 4 doors with decent COC return and cash flow of around $1,300 or $325/door. I learned a lot along the way. This was my first deal and I want to ideally do better going forward, if possible. 

Thanks in advance for your feedback! Please feel free to be as blunt as you want. I thrive on constructive criticism.