Looking @ 1st investment, store front, apts above

[Josiah Miles]

Hi everyone, I'm Josiah.  I've long wanted to invest in property and not just own a house.    My wife and I have "flipped" the three houses we have owned to pretty much scale up each home to what we have now for the five of us. We both have good jobs, I was raised with the do it yourselfer family and friends.  Worked jobs from roofing to framing and concrete growing up.  My current job is in industrial manufacturing and I have to take bids on jobs, award jobs, watch contractors, deal with hard bids,  not to exceed bids, change orders ..... etc.....   

We have started talking about our future, and looking at where we are headed.  A out a year ago I started researching the real estate around my area.  It's small town Iowa about 25k people. The last census had 3% apt vacancy rate.  I've found a few deals on these store fronts with apartments above.   Some have three some have four.  One has a couple garage stalls.    

What do some of you consider when looking at these?  

For example, one of them is asking 40k....  it has 4 apartments above it and the avg apartment around here goes for 500 dollars.  The quick math tells me I can cover the mortgage even with one Tennant......   

What are your thoughts.  

Thanks in advance!