Possible first deal?!

[Justin Lowe]

Here is how this property was marketed to me; 250,000 1st building: 4 (2 bedroom) units ; all are rented for $2000/mo 2nd building: 4(1 bedroom) units; 2 are rented $800/mo, 2 other units can be rented for $600/mo/each.  3rd building used to be 3 bedroom house, currently used as coin laundry, can be fixed and rented for $1000/mo or make 2(2br units) and rented for $1400/mo Current rents are way below market.    Total potential rent: $4800/mo  Potential Gross:  57,600/yr Gross Income: $33,600/yr Expenses: Property Tax: $4000 Electric: $250 Insurance: $2500 Maintenance: $3000 Total Expenses: $9,750 Net Operating Income: $23,850 ................................................... I calculated on the actual rent. Is that the best way to get the numbers? 31200 yearly gross rent 4000 property tax 250 electric (just some lamps and laundry?) 2500 insurance 3000 maintenance 3120 property management =18330 net income (w/o mortgage) 7.3 cap (w/o mortgage) I want to try and attempt seller financing. Because I want to covert that third bldg into a duplex. I have limited cash funds. Roughly 10% purchase price. Thoughts? Advice? Run?! FYI, I was a firefighter for 12 years and I just left to pursue being a territory rep for a wholesale building materials company. I'm wanting to invest into real estate to replace the pension that I left and eventually hope to allow my wife to stay home for the kids (which she wants to do).