Analyzing a 4plex and failing miserably

[Justin Vaughan]

Alright, I need help. I've been running the numbers on several four-plex properties in the Dallas/Fort Worth area trying to find one that I can pull the trigger on ASAP but the numbers I'm putting together just don't look right. Or maybe they are and these people just want way too much for their properties. Everything I've put together has a significant negative cash flow. If I could get some help confirming my numbers I would greatly appreciate it.

My favorite property, here are the numbers:

LP- $249,000

Rent- Units 1&2 $695, Unit 3 $525, Unit 4 $845

Estimated repair cost- $10,000

Down Payment- 3%

Unexempt Taxes- $4,288 (MLS)

Gross Expenses- $7,535 (MLS)

Interest rate- 5% (30 year fixed)

Closing costs- $7,000

I have no idea what I'm doing wrong so any help is appreciated. I was planning to live in one of the 2 Bedroom units, rent out the second bedroom and still pay rent myself as if I were living in someone else's apartment. Also planning to wrap the repair costs into the mortgage. Is this a good property? Is it a really really horrible property? I'm calculating a monthly cash flow of $-865.19!?