Good deal on a duplex??

[Daren Miller]

Hey everyone, I have a deal on the table right now.  **updated for formatting issues**

Here are the numbers: 

(THIS WOULD BE MY FIRST DEAL) 

Duplex currently rented with good tenants. $1500/mo gross rent, tenants pay ALL utilities

Listed for $100,000 

Worth $90,000-$95,000 as is 

Under contract for $69,000 cash

Property is solid (already inspected with seasoned investor) I am entering this deal with a 50/50 partner. He is putting up most of the cash. I will be putting down 10% and he’s going to hold a note of about $30K for me at 3%. After my note payment, taxes, ins, and maintenance, I would be positive cash flowing $250/mo 

Thoughts?

Thanks