Closing on 1st deal, here is model with pre-closure assumptions

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Closing on our first investment property in Spokane, WA.  This deal feels pretty solid with some overly-conservative assumptions around ongoing expenses.  One unit fully rent-ready with minor maintenance first required (i.e. carpet cleaning, chimney sweep, etc.) whereas the other unit I'll be ripping out the carpet and replacing with LVP throughout.  

There's a lot of room, still, for value-add such as formalizing the egress windows in the basement which would convert a current storage room to a bedroom, as well as adding bathroom in the basement.  Doing this for both units would convert from a 2/1/1 to a 3/2/1.. Though considering that move after a year+ to get my footing.

Seeking constructive criticism and tough-to-answer questions!

Howdy @Karl Krauskopf

I'm not sure your numbers are overly conservative. Your Vacancy and CapEx are lower than I would start with. You say the first unit is rent ready. Is it currently occupied? Is either unit currently occupied? If not how are you justifying 3% for Vacancy? You are contemplating converting basement into additional living area's. How much inconvenience will this cause any tenants living there while construction is going on? If they are currently vacant I would try to include that in my initial Rehab budget. You should be able to demand higher rent sooner. My point is with vacancy I never go below 8.34% (one month rent) for analysis and budgeting. If you achieve 3% market rate or none at all. Great, more money in your pocket. However, if you have a full month or more of vacancy for some reason you will be better prepared to handle it. CapEx is an important cash reserve to maintain. Be sure to have the property inspected to determine the current condition and life expectancy of all major components and appliances. Once that is determined adjust your CapEx reserve requirement to meet the deferred maintenance timeline. Stay conservative and be prepared for the unexpected. It always happens.

5% original vacancy in deal model, adjusted down with appraisal insight on market conditions - I'm more comfortable with this figure.  "rent ready" unit is on market and listed still prior to closing, and the other unit is rented.

Good point on capex, the big 5 of the duplex (hot water heater x2, furnace x2, & roof) are aged and will likely need replacing; however, majority of those costs are assumed in the "repairs"