Potential First BRRRR [Calc Review] Help me analyze this deal

[Jake Lilly]

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

I have a potential first BRRRR that I will be looking at to possibly purchase this week. This property has been for sale for 1 few years. Up and Down duplex. Unfinished units that need to be completed. Also has a detached garage that rents out separately for extra income. 

My question for any investors is this. My only hold up about this property is that it isn't in the greatest area of town, and it is in a flood plane. I did factor in about $1,000/year in flood insurance alone. The area is my main concern. It isn't the worst, but I am a little hesitant. This isn't a growing area, but is close to a ton of jobs in the industrial sector. It probably isn't a property that will appreciate a ton, but I think this can be a great cash flowing property with minimal money left in the deal. Good deals are hard to come by these days, and I feel like this has potential to help facilitate financial freedom a little faster. Maybe hold for several years and upgrade as I grow.

Any thoughts from other investors that may have started in the lower priced houses and then worked up to nicer/better quality properties? Would this be something you would consider? I'd be very interested to see any of your thoughts.

Thanks.