Thinking about buying my first piece of property

[Justin Cicco]

Hello everyone,

I am a 19 year old music producer from Pittsburgh, I have been looking into the real estate industry recently and think I have found a deal. A friend is considering selling me his multi-unit property. This piece of property is in an average location, it has fire damage and will need around $80,000-$90,000 in repairs. He says there are 12-14 possible units, the Allegheny County real estate records say that it has between 5-19. The assessment says it is worth $195,000 currently. I checked it out the other day and it is in OK condition. There are potentially 19 units available which can each bring in at least $600 a month. (The owner used to charge the top 2 units $700 since they are bigger.) The owner originally told me $150,000 for the building but I am going to try to talk him down to around $90,000. Me and my partner are going to complete all of the work we can and hire a family friend contractor to finish everything we can't. We worked out a deal with him where we pay for the materials upfront, and pay him back monthly for the labor. We have an investor we are hoping to get $110,000 from, which we will pay back $126,500 in 5 years (15% interest rate) (Around $2100 a month) Including taxes, insurance, utilities (we are only paying for water), I'm estimating my monthly costs to be about $3,000 on the low end and $4,000 on the high end. (still between $4,000 and $5,000 profit per month) 

Since my monthly income can be potentially up to $8000 this looks like a good deal to me. What are the thoughts of an experienced investor? Does this look like a good deal? Is there any other information you need to know? 

Thanks for your help!

Justin Cicco