Buying my first property - think I found a good one - Opinions?!

[Matt Charbonneau]

Hi All,

I found a potential property which I think might be a winner! It's a 4 family in a very blue collar area in southern New Hampshire. One thing I worry about is appreciation in a rougher area but the cash flow seems to work.

Potential Purchase Price - $350,000

Down Payment - 20% or $70,000

Property Taxes - $5,100

Gross Rental Income - $50,000 per year (all four units are TAW currently occupied which originally had leases but owner let them lapse so new owner could do as they wish - all rents are current and in good standing)

After property management fee's, factoring in some maintenance costs, plowing, lawn mowing, and landlord paid utilities it looks like I will net between $15,000 and $18,000 per year positive cash flow. 

Let me know your thoughts!