4 Family Purchase

[Andy Perez]

Hello guys, I am looking to purchase my first home in New York. Its a short sale for $420,000 with 4 familys. The following is the monthly rent role... 

1br = $1200

1br = $940

1br = $1100

2br = 1433

The total rental income less the basement is $4673.00. The taxes on the property are $7754.00 and its a gas boiler which will consume approximately $400 to $580 per month in the winter with approximately $180 to $250 in the summer months. I have been searching high and low for a good deal and I found this property. It will be financed with an FHA loan with 3.5 down for first time home buyer. I have the cash to go do a conventional loan too but why use up all my cash when I can go FHA? I made an offer for $400,000 today and put everything in place to get this property. The bank will need a deposit from me of $5000. This is my first home so I don't know if a deposit is really needed so advice with that will also be helpfully. Finally, I would simply like feedback to see if I am getting into something I should not or should I go for it. Thank you guys in advance.