First time investing in Rochester, NY

[Kay Faith]

Hi all!   I hope you all had a good thanksgiving, Finally about to pull the trigger on a 6 bed multi-family in Rochester.   I am blessed to have professionals on the ground.

My question is to find out if $400 cashflow is the norm.

Scenario

Property price $140000

Offer accepted $130000

Mortgage $117000 with 10% down and

Current tenants paying 2100 between both units

Interest rate is 8.7% so mortgage and taxes about $1480.

Property management 10% of rent which leaves us about $400.

Good roof and mechanics, but minor repairs are needed along the line (2-3k )but nothing major which has been factored into the offer price.
the goal is to refi when rates come down and looking forward to growing our portfolio.

Thoughts on this from experts as we get our feet wet.

Thank you. 

[Aaron Lehaney]

Quote from @Kay Faith:

Hi all!   I hope you all had a good thanksgiving, Finally about to pull the trigger on a 6 bed multi-family in Rochester.   I am blessed to have professionals on the ground.

My question is to find out if $400 cashflow is the norm.

Scenario

Property price $140000

Offer accepted $130000

Mortgage $117000 with 10% down and

Current tenants paying 2100 between both units

Interest rate is 8.7% so mortgage and taxes about $1480.

Property management 10% of rent which leaves us about $400.

Good roof and mechanics, but minor repairs are needed along the line (2-3k )but nothing major which has been factored into the offer price.
the goal is to refi when rates come down and looking forward to growing our portfolio.

Thoughts on this from experts as we get our feet wet.

Thank you. 

Let me know how it works out!! I live in Toronto and am thinking of buying my first investment property in Rochester in the same price range as you. What area did you buy in if you don’t mind me asking? I’ve heard good things about south wedge and the 19th ward but they seem pricey from what I’ve seen.