Review my purchase #s and advise

[Hassan Tirmizi]

Could my peers please look at my calculations and advise if im overlooking something or being overly optamistic and advise if thisis a good deal

Buying a duplex (2/1 each side) and here are the numbers

• Purchase price = $68000
• Down (10%) = $6000
• Closing cost (2% estimate) = $1088

1st loan (mortgage) = $54400

• 1st loan payment (6%)= ($327)

2nd Loan (LOC) = $5000

• 2nd loan payment (9.25%) = ($150)
• Month Insurance (estimate) = ($100)
• Rent from both units = $1325

My calculations tell me that:

• Rent = 1325
• Expenses = $577
• Profit per month = $ 748
• Recovering initial investment (down payment and closing) in approximately 1 year (provided no vacancies)
• Using the 50% rule (I think this is how it goes) profit is = $171/month