Newbie multiplex investor

[Joe Liu]

Hi guys, have done other forms of investing with wholesaling, flipping, etc. but I've finally hit that maturity and bank flow of being able to do some buy and hold. I kind of peaked around this section of the forums but I'm not entirely sure where might be the best place to start, what cap rates I should be looking for, how the 50% rule works, rent multiplier, etc. Any links to prior topics with this information would be greatly appreciated.

A current deal that I am looking at is as follows -

List Price: $275,000
3 units, average rent is $625 on month to month.
There are no pictures of the inside so I don't know how much the rehab is going to be. The rent on each unit could be $100-150 more since its in a great area, its near my house which is what is attracting me to it and the apartments with pools go for around $950 (same size) and other dumps go for as low as $750, so thats why I think I can get another $100 easily.

Property Tax/Yr: $4,356.81
Actual Gross Income: $22,500 ($1875 mo)

I would put down 20% @ 4% / 30 yr fix

Loan - $1050 mo
ptax - $363
insur - $100
oper expen - $300?
----------------
$1813 a mo

Not sure what my operating expenses are or a safe way to figure that out. I know this deal only works if I take that monthly of $1875 and tack on the $100 more I think i can get per unit, so $2175 so I would still cash flow $360~. None of this takes into account any rehab costs though. I'd have to get inside and see.

Am I way off on that?

Thanks for those of you who took the time to read all that!

Joe