Looking to buy a multi unit/ commercial property

[Johnathan Gonzalez]

Hi everyone!

So i'm looking to get into real estate investing. I've found this property that i would like to acquire. It's about 40 mins from where i live in a quiet small town.  The property itself is a multi unit/ commercial property all in one. It has six units above the two commercial spaces. The asking price is $595,000. All six units are currently rented and bring in $4500 a month. The rents are about $300-$400 below what they should be. The two commercial spaces are owned and operated by the property owners. One is an established restaurant and the other a furniture store. I do know that they have owned it for the last 20 years, so i  don't know how updated the units are.  This property is in the midwest in the state of Indiana. So it cashflows, just doesn't appreciate as quickly as the coasts.

From my view i see this as a good deal. The current rents would pay for the mortgage, taxes and insurance which should be around $4000 a month depending on interest rates and how much of a down payment. And if i do get this deal, i can also rent out the two commercial spaces and that would generate more income. I don't know how to find the ARV as there are no others like it in this town. I asked the real estate agent, just have not heard back yet. I know i will need to find a partner or investor as i can't tour the property until i can show proof of funds. The only thing to stand in the way of this deal would be my wife's fear! She's worried that if we got this then all the tenants would stop paying rent and we'd have to come up with the money.

My goal is to eventually leave my W2 job so i can spend more time with my family and focus on building wealth. I would only need to acquire a few properties and i think i would be able to achieve my goals!

So my questions are

1. How do I acquire this as a newbie investor?

2. Is this a good deal or not?

3. Am I going to big for my first investment property?

4. What info am i missing, or what else should i be looking at? 

Thank you for your time! Hopefully someone can help put me in the right direction.