Good Deal or Bad Deal????!!!

[Kwesi S.]

Good morning,

So I made an offer on a 2 family which also includes a store front in Brooklyn, NY and my offer was accepted at 435k. after sellers concession it brings the cost to $461,100. I will be getting a renovation loan and estimated about 50k in repairs (total mortgage $511,100).

inspection will be taking place tomorrow and I will be bringing a contractor for an estimate.

The 2 units above the store are vacant and includes 3 bedrooms each. On the low end I plan to rent each unit for about $1,700 a month each.The store is occupied and being used as a driving school. Seller "says" the tenant is paying $1,950 a month and the lease is up March 2015. (total rent estimate = $5,350)

I will be making a down payment of 3.5% . mortgage payment which also includes property taxes, home insurance, PMI will come up to about $3,600.

I estimate $600 for utilities per month (Heat and electric).

Is this a good deal? I am starting to get the jitters since I have been making offers since March 2013 and this is my first offer that was accepted.