Am I getting in over my head?!?

[Steve Lyman]

Help!

I am a newb when it comes to real estate investing. A family member came to me recently, knowing that I am looking to get into REI. He is selling a property in a rural area about an hour and a half northwest of Detroit. This property is on 10 acres and has two duplexes on it. His original plan was to develop the other 8 or so acres, but is getting older now and doesn't want to put in the effort of developing the properties. Here are some numbers on it,

Revenues:

Two upper units rent: $710/month

Two lower units rent: $660/month

Each unit has an external garage that rent: $50/month

Total - $2940/month

Expenses:

Taxes: $6140/year

Insurance: $1200/year

Utilities:

Well and septic.

Electric, propane gas and cable (available @ tenant's expense)

It was completely renovated in 2001. New roofs, new windows, new 90% efficiency propane forced air furnaces, new sinks and counter-tops and new carpet throughout.

Sale price: $275,000

Land contract available, with appx. 40% down

Is this something I should look into? Are there other figures that I should know about?

Thanks,

Steve