Deal or No Deal (First Timer)

[Sergio Bofill]

This is my first post and I am looking forward in becoming part of the community! I would love some insight/comments/advice from community members on my current dilemma . Thanks!

My fiance and I are looking to start investing in real estate, so we will pursue an FHA loan and buy our first property. We will be buying a multi-family home and using a buy and hold strategy while renting out the remaining units (owner occupant). I've read a ton of articles here on bigger pockets and would love to share with you a listing I came across to see if indeed it "works" and is a good deal.

Multifamily Home

Three units all 2BR ,1BTH (Rental income $3K a month)

Listing price: $250,000

Taxes: $10,300

W/S: $1,100

Heat: $4,000 (Oil. Is this unfavorable?)

I would make a down payment of 3.5% = $8,750 and finance $241,250.

$241,250 at 5% = $1,342.50 /month

Expenses per month = Taxes $858, W/S $92, Heat $335, Insurance $85, PMI $140, Electricity $100

This listing has been on Zillow 748+ days and on Trulia 175+. Bad sign? Bad deal/good deal? Anything I missed apart from rehabbing costs? Thanks for hearing me out.

SB