Help needed to evaluate a deal

[Abhishake Chhibber]

Hi folks,

I'm new to the BP - thought I could ask experts for some advice for a commercial property I'm evaluating to buy.   This will be my first commercial property, and I don't have much experience in commercial so any guidance/help would be much appreciated.

Property is a 3 unit commercial building with a 2 restaurants and 1 laundry mat.

Here are the financials:

Sale Price of the property: $450k

Rent revenue: $54,600

Mortgage & Interest at $5% interest rate for 20 yrs: $28,992

Annual taxes: $7,053

Annual insurance: $1500

Annual maintenance: $1,000

Annual management/repairs: $5460

Net Income: $10,595

Am i missing any other major expenses?  I will not be outsourcing the management for this property, but have added in 10% of rent revenue as contingency expense for repairs, etc.  

From a financing perspective, the deal will be financed 100%.  

What is your take?  Is this an attractive deal?  Reason not to purchase?  What strategy should i follow?  Would you purchase this deal, given the financials?  Why and why not?

Thank you in advance for your help.

Abhishake