Potential first deal analysis for an eager newbie

[Account Closed]

I planned on buying an owner occupied duplex as my first property but there simply aren't any deals in my marketplace for multifamily properties that I could cash flow once I move out. I've concluded that if I want a deal I'm going to have to buy a single family home and buy my first home later on, possibly after acquiring multiple rental properties. I know that I should look at hundreds of deals before choosing one but what if the tenth property I see is the real deal?

3br/1.5ba
Purchase price - $50,000 (listing price)
Down payment- $10,000
Mortgage payments- $2,580/yr (PI $215/m @5% 30yr)

Rental Income- $13,200/yr ($1,100/m)

Vacancy 10.1%- $1,333
Property tax- $3000/yr
Insurance- $800/yr
Maintenance- $1,200/yr
Utilities- $300/yr water
Advertising- $200/yr

Total operating expenses- $6,833
Net operating income- $6,367
Less mortgage payments- $2,580

Total cash flow- $3,787/yr or $315/m

Cash on cash return- $3,787/$10,000 = 38%

How accurate are the numbers? I have an adequate cash reserve of $12,500 or so after a down payment and can cover the mortgage without dipping into reserve if I had to. This house requires a few weekends of elbow grease with some minor updating in the bathrooms, carpet, paint, stain the cabinetry a lighter color, but I think It was updated before it sold for $125,000 in 2008. I also live about 5 mins from the property and have leftover appliances from my parents old house that I can put in there like a fridge and microwave. It's located in-between a middle school and a large park which, to me, makes it seem easy to rent to a young family long term. I'm eager to get my first property, do I look at 100 more or pounce on one before someone else does? I'm ready to make some mistakes and get some hands on lessons! Shall I make an offer and get an inspector in there before you do?

[Andrew Jones]

Taxes seem very high. The county may do an automatic reavaluation of property taxes after its sold which would hopefully lower your taxes. I would look into this because the 3k may be based on the 2008 sales price.