Help ask the right questions

[Alexander Russell]

Hi everyone. My wife and I are just starting out and have been looking at some initial properties. I came across a 6 unit Multi-Family Property that looks like a good deal from an initial glance but i would like help asking the right questions.

The seller is listing for $300,000 and says that it brings in $57,504 in rent roll (4 units rent at $795, 1 at $785, and one at $827). I drove by today and it looks in decent shape from the outside. It's an all brick property which i like as I would think there would be less maintenance from the outside. All 66 windows were replaced in 2013 with double pane energy efficient windows, three kitchens are brand new and 3 are satisfactory (a little dated but generally seem ok), the furnace boiler was recently rebuilt, the roof is 3 years old and the hot water tank is 5 years old.

It would appear to cash flow well using the 50% rule (i.e. if it CFs $4800 per month * .9 for vacancies = $4,320 / 2 = $2,160 <-- expenses estimate). If i put down 20% my mortgage would be $240,000 at 5% = roughly $1,300 per month and assuming i pay a PMC 10% of rent (or $480), i would estimate CF of around $820. Am I missing anything here?

It falls short of the 2% rule but not by much ($4,800 * .9 = $4,320 / $300,000) = 1.44% but since it CFs well i think that's probably ok.

Since this is my first property, i am just looking for some advice on the right questions to ask. Would you recommend finding an experienced real estate agent who could eye-ball red flags or big ticket items, or go a step further and try to find a PMC representative to view the property with you (i don't even know if they do this kind of thing). 

I would also need some serious help financing the down payment. I've been told that wholesaling is a great idea but i really want to get started with cash-flow generating rentals. Is there a big risk in getting this under contract and failing to get an investor to go in on this with me?

I appreciate the words of advice! Thanks.