I've been crunching numbers and came up with the following.

Following.

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I followed your advice and I am getting an estimate from my contractor for worst case scenario (full rebuild of the space) and will factor that into the offer.

Following the 50% rule for expenses the NOI would be 31.2k.

Is there a template that I can follow, or is this something that my RE lawyer can write up for me?

Hope this helps and let me know if you have any follow up questions.Also, if I can make a suggestion, make sure to put up a profile pic on your bigger pockets profile. 

You need to pay attention to your reinvestment requirements as allocated when you sell but your purchase doesn't have to conform to a strict %. 

Typically, we get calls from people following up on the status of the app.

-The condo is strictly a rental and is valued around $70k-The duplex is a rental and a owner occupied.