Analyzing terms for first deal (3-unit portfolio)

[Blake Aaron]

Looking at terms for my first commercial investment; a portfolio of 3 condo units. I'm wondering if I can get some feedback from more experienced investors regarding proposed terms by the lender.

Purchase price: $150,000 ($230 HOA each)

Terms: 70% loan with a 5% interest rate fixed for 5 years with a 15 year amortization

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For those curious, here's the basic profile of the portfolio:

Each unit is 4bed/1.5bth (rooms often rented individually to maximize value, but units can also be rented as a whole at 30-40% reduced value)

Unit 1: $1,640/mo (fully occupied)

Unit 2: $810/mo (50% occupied)

Unit 3: $0 (currently 0% occupied)

Current gross: $2,450/mo

Max potential: $4,920/mo