looking for some feedback on a deal after purchase st cloud mn

[Bo Badalich]

I am a new investor who just recently closed on my first deal (nov 22-17) 

I put 1000 down on a house in st cloud Minnesota. I was able to put only 1k down due to first time home buyers assistance covering the additional 7000 on a 190k property.i am living in the lower 2bd 1 ba unit and renting out the upper unit 4bd 2ba per room. with 75% occupancy of the upper unit, total rents equate to 1425 (includes deduction on rent for resident manager $100). I feel confident that the 4th bedroom would rent for 400/mo. the piti is 1400 so the only cost I eat is vacancy and cap ex at the moment. I am also confident that the lower unit that I occupy could rent for 800 as is and 1000 after we finishing flooring and paint. Are there any local buy and hold investors that have any feedback or advice? would you have purchased this deal based on the numbers? I'm willing to answer any questions about details as well. thanks!

[Isaac Braun]

If you can get the vacancies filled it may work out well, St Cloud State has had a declining student population for quite some time now, that why there are so many rentals advertised near the University.  I know of two other investors that had student housing for St Cloud State.  One has a 40 unit and one has a 6 unit both slightly off campus, both of these investors have had to convert their units from student rentals to Section 8.  So, if you can get the vacancies filled, it may work out well for you.  I focus my effort in the Northern part of St. Cloud renting to families.  Best of Luck!