Investigating in the Puget Sound area in 2018

[Justin Davis]

Newbie here. I purchased a 3-plex. It's in Tacoma WA, Central area, near downtown. Anyway I'm concerned that I purchased near the top of the market and I'm wondering if it was a mistake? I've learned a bit since I purchased but my knowledge was pretty limited at the time. I wanted something pretty bad. I've done the math. Please let me know if I have this right. Assuming current market rent is $1 per sq ft. Give or take. Utilities are reimbursed. I'm exaggerating monthly maintenance expenses. Thanks in advance.

Asking: 500k

Sale; 449k

Bldg Sq ft. Around 5k

Unit 1: 1700 sq ft (400 sq ft basement/garage) 3 bed Current Rent: I live in it.  Market: $1500

Unit 2: 1700 sq ft (400 sq ft basement/garage) 3 bed Current Rent: $1100 Market: $1500 

Unit 3: 1100 sq ft (100 sq ft garage) 2 bed Current Rent: $900 Market: $1100

P&I, T&I: $2700/month

Expenses: $50/month

Income: $2100/month

Income if I didn't live there: $4100

NOI at full potential (current market): $49200 - $33000 = $16200

$16200/449k

Cap Rate: 3.6%

Listed Cap Rate: 5%