[Calc Review] Help me analyze this deal

[Patrick Flanagan]

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*This link comes directly from our calculators, based on information input by the member who posted.

Last year in April I had my first deal fall through. It is a 3 story 2 bed 2 bath with a den duplex, each unit is 1360sq ft. My step mom is the property manager in the county(her company has about 400 rentals she manages) so she said we could rent the units for 1500-1600 each. My wife is a realtor in the area and she just sold a duplex down the road for $420,000 of similar build. 

I’m curious what you think my best option to finance this property is? Should I put 20% down on it as a investment property? I just closed on a 4 plex that I’m living in so the option of 3.5% down is out the window for a year. Should I wait for another year to do this option? Or just go a head and put 20% down. I have the money for the the down payment and repairs. 

Last year I found 100% private money to finance this deal, that opportunity is gone because their money is currently tied up. The owner is a family friend and she got intimidated by doing a cash offer and all the steps, my private money lender also required some extra due diligence that I think the seller got offended by.... like why she hasn’t had a whole unit rented for a year, why is she renting out 1 unit for $800 a month and not getting the max value out of the property. we went back and forth for a few months on a price. Only because I couldn’t get her to respond to me at all. We Finally agreed on a price, so the second she accepted my offer I sent over a sales agreement over... then 10 mins later she replies to my email. Sorry I’m keeping the property.... so I said Ok thank you for your time and said if you ever want to sell later please let me know. So a year later, that duplex still sits vacant and needs some work in a prime location...so I’m going to re reach out to her and try to quickly close this deal. I took way to long last time to close which gave her a lot of time to think about the deal. 

Let me know if you can see the link if not I’ll add the rental numbers in the forum below.