First Fourplex need help!!

[Nicholas Lehman]

Greetings, I am under contract to buy my first fourplex in Anchorage Alaska. In this area inventory of available multi family units is low, rents are fairly high and it appears to be a bit of a sellers market. The unit I am buying (or possibly not buying) is a fourplex with four 1br/ 1 ba units. All have washers and dryers. The inspection revealed a host of cosmetic repairs, water heaters on the edge of their life spans, some faulty window seals and it is in need of an exterior paint job. Some of the units are under rented and some are at 1000/ month which is about right for market rate. So i am trying to do some last minute analysis as i keep running numbers the worse this place seems to look. But then i look at what else is available and i go back to thinking that i am getting the right place....can anyone help me analyze this property a bit? Sale price with seller paid closing costs:338k Fha loan: 3.5% down, 3.25 interest rate, Current rents:700,915,995,995 (i plan to occupy the 700 unit and remodel it and increase the rent) Estimated repairs and remodeling: 15k So i keep finding myself saying things like "after I raise the rents it will have cash flow" or "after i refi and don't pay pmi it will be a good deal" On my spreadsheet i take into account debt service(p and i plus insurance and taxes) all utilities, snow, lawn, property mgmt, 5% vacancy, 10% of rents towards Maintainence/repairs/capital gains....it works out to costing me 100$ a month to owner occupy and only cash flow 400 a month after i move out which would take a long time to add up the 15k and labor needed to remodel and raise the rents to get to the 400 a month....is it worth it? Am i being to conservative?