First Fourplex Purchase

[Seth Tuatoo]

I'm looking at buying a Fourplex, and  saw a property that looked very appealing at first but when I contacted the agent and saw all the maintenance fees I don't see how I could turn a profit on it.  This  price of the Fourplex is $265k, and here are the numbers:

The monthly expenses are as follows:

landscaper $50

Water +-$207

electric +- $17

Trash $67

Total +-$341

Deputy $171

Taxes (2013) $468

Insurance $325

Total monthly expenses +- $1646

Move in date: #101 June 2012, lease exp. 10/31/15 pays $700

#102 Feb. 2010, lease exp. 10/31/15 pays $700

#103 April 1997, lease exp. 10/31/15, pays $625

#104 Feb 2014,lease exp. 2/28/15 pays $675

Total monthly income $2700.

Is it just me or does this seem like a total crap investment?  I originally liked the $2700 income on a $265k property but when almost $1700 is used up in monthly expenses it just seems terrible.  Do most condos have the same maintenance fees?