First Time Buyer in St. Louis Market

[Jared Mann]

I am currently preparing to buy my first property ever in the St. Louis market.  I was originally planning on getting a condo with 20% down in the Central West End, but the more I look at the numbers, the more I am drawn to a getting one of the 4-plexs that are all over South City area.  In particular I am looking at a 220k property that currently has 3 long term tenants and rents for $650 a door.  I would owner-occupy and more than likely only do 5% down.  While I am getting closer to pulling the trigger, I am curious for any tips on getting started, whether they are general or preferably, specific to the St. Louis area.  Additionally, I'm curious what the community thinks in terms of leverage, if I am taking over 3 units with instant cash flow, and there are no immediate renovations needed, is there a concern that I would not have my typical 3 month of living expenses on hand?