I'm still in search of my first duplex.  I've found one I'm interested in and currently talking with the owner.  It's located in a low income area, but a new developer is trying to turn the neighborhood around and bring new business in.  

Bottom unit is 2/1, upper unit is 1/1.  Separate electric meters.

Asking:  24,900

Needed repairs:  15k

Rent income:  M-850      A-10,200

Taxes:  M-43.60      A-523.15

Insurance:  M-45      A-540

Vacancy:  42.50

PM:  68

Maint:  42.50

Capex: 42.50

Water:  75

Total expenses:  M-359.10      A-4309.20

Net cashflow:  M-490.90         A-5890.80

Property appr rate:  2%

Rent appr rate:  2%

No debt service.  I'm paying cash for my first multifamily.  I can always get a mortgage after repairs are made if I decide to acquire more properties quickly.  I also think he's a bit negotiable on the asking price. The last thing left to do is verify needed repairs. I think this will make or break the deal. 

What do you think?  What am I missing?