Is this a Deal or No Deal? First Investment Property. HELP PLEASE

[Brittany Kelly]

Hello All,

I'm looking to begin my investing journey and would like to know your opinion on if this is a deal or no. The property is a duplex selling for $91,000, appraised at $92,000. I've been approved for a loan at 5.5% adjustable :/ and 10% down. Current tenants pay $600 and $550 and the mortgage would run $700 including taxes and insurance. Also, I chose 30 year since I'm beginning and to leave more room for extra cash to build reserves. The property's value is not expected to raise but there is room to add an additional property on the land being purchased with the home.

I'm open to all comments and concerns. 

Thanks!

[Dennis M.]

If your happy making only 100 bucks a door go for it . There’s worse deals