First time Buy and Hold/Owner Occupied

[Jake Walroth]

Hey guys, 

First post here on BP... I've been reading and trying to edumacate myself on here though for a while now. Figured I'd layout my first purchase with some questions... any and all comments/suggestions are welcome. 

I just bought my first two family. It's a lovely restored Italianate home from 1892 in the Clifton/Corryville area of Cincinnati near the University of Cincinnati as well as all of the hospitals. All utilities are all separate. All hardwood Floors. High ceilings. Nice quaint little backyard with fences for some privacy. I'll live in the 1bed 1 bath on first floor. The 2nd and 3rd floors make up unit #2 which is 3 bed(could be 4) with 2 full bath. 

Please let me know your thoughts on deal and my questions..

Bought for $176k 

2 family

I pay water

All other utilities separate

May need light tuck pointing on one side of home. 

3 bedroom 2 bath rents for $1500/month

My mortgage is $1296/month(going to refi after 6 months dropping it down to closer to $1200/month)

1 bed I'll live in rents for $800/month

So when I move out, Cashflow will be somewhere in the neighborhood of $800-$900 month. 

Obviously its an older home(1892), its been kept in fantastic shape though.... but I know it will require some $$ for fixing at some point. 

My questions

With this being an older homes... what are the key things to watch out for in regards to the guts of the home to limit my costs(Brick and Mortar? Roof? etc)?

It's got a great backyard.... has anyone ever tried charging more for access to a backyard? If so, how to price?

Its got separate washer and dryer in basement for my unit and my tenants.... what to you guys charge for access to this? Is is %of rent typically? Or just like $50/month?

The condition of the home is great, however I am going to upgrade my unit while living there. Any suggestions as to where I should invest some RENO money to improve the rental cost as well as eventual resale value? The fixtures in bathroom and kitchen are in good shape but outdated... this is where I figured to invest some money. 

Lastly, any local Cincinnati investors with some insight as to the Clifton/Corryville markets? I love where this home is at(previous owner has rented to med school students for 20 years)- close to UC, Short-Vine, Hospitals, and new Kroger---- is there reason to believe this property will be appreciate at a good rate. I love Clifton... UC has added 10k students in 15 years and on pace to do same in the next 15 years...and there isn't much room to build up there so I really like the area for those reasons. 

This was a little stream of consciousness, but I appreciate whoever got this far for baring with me. Any feedback is much appreciated. I'm looking to get another property the latter half of the year and want to continue to get into the RE game. If any Cincy people are on here I'd love to connect.

Thanks, 

Jake