Is this a deal?

[Christopher Hunter]

I just came across this potential deal.

Duplex 2/1,2/1

1,800 sq ft

$88,500

11% cap rate is questionable

I do not have expenses, can I use 50% of gross rents just to see if it makes sense? $49/sq ft, land value per county assessor is $9,000. To calculate my cape rate I just did a real quick equation of gross rents divided by asking price. This is a learning exercise for me.

Here is the formulas I tried to use:

cap rate = NOI/asking price

replacement cost = $/sq ft + land value

Did I miss anything or just everything?