Help - looking at a 6 plex!

[Jason Peterson]

Hello!

I am interested in purchasing a multifamily 6 plex property in Dubuque Iowa. I am new to the real estate investing scene and figure this is the best way to go for cash generation. (See link below for house)

https://www.realtor.com/realestateandhomes-detail/...

The unit has $49,000 in rent / year and approx $18,000 in expenses according to the seller.

Net Profit = $32,000 a year (roughly)

Property Tax - $6700

Utilies - $6696

Insurance - $2670

Unit 1 - 800

Unit 2 - 1350

Unit 3 - 750

Unit 4 - 400

Unit 5 - 430

Unit 6 - 430

Random comment -but my net worth is close to ~$500K and I currently already own the house I live in so I'm thinking the bank should not give me too much of a difficult time?

1.) Any general comments regarding what to look at? What steps should I do next?

2.) Is this considered commercial? Are there any special steps to take next?

My next step is to talk to the bank to get preapproved then go look at the property itself. Any thing I should be wary about as a new investor?

Thanks for your help!! Jason