Vacation Rental

[Andy Plattner]

I am looking at purchasing a Duplex with an apartment on the bottom floor, I guess this making it a Triplex.  I am looking at possibly turning it into a vacation Rental.  I am thinking this is a good deal but can someone tell me why I should not buy this property based on the numbers.  

List Price is at $330000, but I haven't looked at any specific comps even though this property price per sq ft is considerably lower than any other listed or sold in the area.

Looking at getting a mort for 80% with a 2nd mort  10%.

Possibly looking at putting in $10000 (Furniture, paint, small stuff, minor main) plus a swimming pool at $30000.

Sq Ft Total is 4000, Top two apartments 3br and bottom is 2br.   Tax is 6400, I am guessing no more than $8000 insurance (This is property on the coast)

Supplies and Main including cleaning at 900 per month

Monthly Mort Payment 1530

Potential Yearly Income at 74000.  Some of these numbers are based off of a similar property I have.