Should I make an offer? $1700/mo profit, 6% down?

[Orlando Goodon]

I found a real money maker...I think. Everything else I've been looking at has been -$1000/mo profit to typically $250/mo. This is near $1400 owner occupied and with only 3 units. 1.5hr from NYC. Short walks to mountain views and river. In decent shape but could use updating, so this makes it cheaper to buy...hence the price, which make me move from 3.5% down to 6% down with same money and TAXES are cheap! AND...it's pure 3BR bliss, so will command near the very top of the rental market easily. I'm thinking buy it and put $8000 into each unit. Try to get it with only one tenant and start working on one unit. When finished fill it at top of market. Then, wait for next tenants lease to expire and don't renew and fix that one too. Of course give good notice so they have time to find another place. Then finally I do my unit, while I prepare to close on my next property which should be even sweeter with a sizable deposit by then. Maybe a 3 or a 4 and do the same thing there. Then decide if I get my own single family exactly where I want it, with my garage and everything I've wanted or do I keep building my portfolio.

So excited about this new journey!! :)

Anyway...thoughts on this deal?

	$525,000	Loan
Mortgage	$2,159.00	$493,000		Water/Sewer	$250.00
Deposit	$32,000.00	6.10%		County/City tax
	yr-1	yr-2		School/Library Tax
Unit 1	$1,800.00	$1,850.00		Full taxes	$666.67
Unit 2	$1,800.00	$1,850.00		Sanitation/Garbage	$136.33
Unit 3	$1,800.00	$1,850.00		Insurance	$189.17
Unit 4	1700'	$1,850.00		Internet	$55.00
Total Gross	$5,400.00	$7,400.00		Gas/Electric	$170.00
NET per Mo	$1,773.83	$3,773.83
NET per yr	$21,286.00	$45,286.00
GROSS	$64,800.00	$88,800.00			Monthy	Anually
CAP	8.99%	16.63%		Expenses subtotal	$1,467.17	$17,606.00
				TOTAL Mortgage	$2,159.00	$25,908.00
				TOTAL Expenses	$3,626.17	$43,514.00
				TOTAL Income	$5,400.00	$64,800.00
				NET INCOME	$1,773.83	$21,286.00
				NOI	$3,932.83	$47,194.00