First investment

[Phillip Trenk]

Hi, I am new to the real estate world. over the past month or two I have been reading on BP getting educated and listening to the podcast, I am starting to feel ready for my first deal.

I spoke with a wholesaler/Friend who provided me with a few potential deals, there is one that seems really good. its in a very low income area but I am limited in what I can afford and this seems like the right place to start. I am looking for help doing my due diligence here, any input is appreciated.

the property is a duplex 

cost 32,000

repairs 10,000

9,500 additional yearly expenses (10% management, 10% vacancy, 10% for repairs and insurance, taxes, utilities)

NOI 1,400

Thanks, 

Phill