Review your prior year income statement.How did your year go?

When you live in that duplex for 2 years and then sell you'll be able to take 50% of the profit tax free (the allocation for the side you lived in). 

I don't have any income yet as I am just graduating.

If the taxes are killing your cash flow, you'll need to either negotiate a lower purchase price to offset the tax burden or budget for some property improvements that could increase rental income and help balance things out.

So I do not have a tax filing with the rental income on it yet.

Transcribing transactions from bank statements, posting transactions to the correct accounts, and then manually creating an income statement, statement of owner's equity and a balance sheet is a fairly time consuming process and I have not been able to keep up with the book keeping between my regular work responsibilities.What accounting software do people recommend? 

Income approach Also known as the rental income approach, this method estimates the market value by analyzing the property's anticipated future income and converting it to a present value estimate.

Quote from @Tom Gorrell: We have 3 rentals in CA and one in Kentucky (total value about 2.5 M)some W2 incomesome pension incomesome syndication income and some from a business (s corp)  @Tom GorrellIf they are providing tax planning and/or bookkeeping with the tax prep, then the price is reasonable. 

A common mistake in my area is to ignore Hotel Occupancy Tax.

In addition cash flow is taxed annually.