Need help analyzing a rental property

[Aaron Misiph]

Some background.

I am looking to purchase my first home, and investment property. We are looking at multifamily homes. Even though we are planning on living in one of the units, I want to treat this as if though we will rent both of them because eventually we will. I also want to include property management because even though I will manage this now, I may not in the future. Rental income is based of off what the Redfin page says they are currently getting.The numbers I am going to show you are for one that we were interested in, but after doing some math, it doesnt look so good. I am not really sure if I am estimating my expenses correctly. Any help would be great. Thanks.

Rental Property Analyzer
Asking Price:	$389,000.00
Address:	74-76 S Whipple, Lowell MA 01852
# of Units:	2
Income
Rental Income:	$3,000.00
Other Income:
Total Monthly Income:	$3,000.00
Expenses
Taxes:	$326.00
Insurance:	$130.00
Water/Sewer:
Garbage:
Electric:
Gas:
HOA Fees:
Lawn/Snow:
Vacancy:	$150.00
Repairs:	$150.00
CapEx:	$360.00
Prop. Mngmnt:	$330.00
Mortgage:	$1,718.00
PMI:	$212.00
Total Monthly Expenses:	$3,376.00
Cash Flow
Monthly Income:	$3,000.00
Monthly Expenses:	$3,376.00
Monthly Cash Flow:	-$376.00
Total Annual Cash Flow:	-$4,512.00
Cash on Cash Return
Down Payment:	$50,000.00
Closing Costs:	$10,000.00
Rehab Budget:
Misc Other:
Total Investment:	$60,000.00
Cash on Cash Return:	-7.52%

[Ann Bellamy]

This would lose money, as you can see, but not only that, you haven't even included all the expenses.  

• I see a driveway in the photo, and the snow is not going to remove itself.
• There appears to be a backyard from the photo, and the grass won't mow itself either
• You haven't included water/sewer - Lowell doesn't have wells in that area, I'm pretty sure
• There may be common area electric for smoke detectors and outside lights, and if the basement is not part of a unit
• Find out whether there are common areas to heat.

So if you want something that cash flows once you have moved out, this won't be it.