Regulatory burdens are likely to go up, and I think asset prices will remain artificially high due to loss aversion.

What about lawn care and snow removal?

Outgoing$70 Internet$200 utilities$920 mortgage/taxes/insurance$40 water$100 maintenance$100 lawn care$1430taxes are $400/month with an assessed value of $150k. 

Think of all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.5.

They have no idea the condition of the kitchen, what the lawn looks like, or the view off the front porch.

The 50% rule does not include property management (which if you are mowing the lawn yourself etc you may want to self manage) so that should add another 10% to the total.

.$75 water...mow the lawn.

You must build that into your rental rate.I don't include lawn service, snow service, or washer / dryer and I don't recommend you doing it either.  

One currently on month to month lease and the other is wanting to renew a yearly.Gross Rents = 1500NOI = 750 My offer would be $130,000 ... here we goMonthly expenses:Taxes = 109Insurance = 113Water/Sewer = 100 (tenants take care of (very small) lawn in lieu of seller paying water)*Management = 100 (paid to me)*Maintenance = 150*Vacancy (10%) = 150*Total expenses = 722* my estimatesI asked an appraiser to do a look up for me and he will get back to me on Monday.

Cash-on-cash 7.72%The Property: - Not listed, but owner mentioned to tenant they would sell it for $159k- Each side is 2/2 rented at $750 each ($1500 total); Tenants handle all bills and lawn care- No urgent repairs needed, but it's basic and somewhat outdatedThe Area: - "A-" neighborhood (upper middle class for Pensacola; good schools; low % of rentals; this is the only duplex I'm aware of in the neighborhood- SFH's in the neighborhood are selling in the $175k - $275k range- SFH's rent in the $1300 - $1600 range (mostly 3bed/2bath).The Numbers:Offer: $148k (no realtor) + $4000 (closing / inspections / etc.)Financing: 25% down ($41,000); 75% financed 30 year fixed @ 6% interest = $666/mo mortgageExpenses: Property Tax = $2000 annually; Insurance = $2000 annually; Maintenance/repairs = $1500 annually; Vacancy = 7.5%; No prop mgmt*Rent: $1450/mo (conservative est.)Duplex #2Cap Rate 10.81...