Duplex and offer contingencies

[Mike T.]

Hello,

I am placing an offer on my FIRST duplex and the pro forma lists a NOI based on the rents listed but doesn't take into account expenses etc. Obviously my offer is based on the NOI taking into account tax, insurance, utilities etc. I used a 10% cap rate to determine what I am willing to pay, minus about $20,000 for paint and mild rehab on both units. I have a contingency for financing, and inspection and also want to place one for review of at least 2 years of leases to verify rental income and NOI. Is the "lease contingency" an addendum since it is not included in most, standard offer contracts?

Sorry if this seems trivial. The seller will not allow people to look at the property unless an offer has been accepted so I want to make sure I am covered with an exit strategy once I place the offer.

Thanks,

Mike