My current status: 3 rental properties... Am I doing it right?

[Chris B.]

This question is for experienced investors...  Am I investing correctly? Or should I change strategies? I am buying the worst houses in good areas and fixing them up and renting them out.  The below numbers I am not including maintenance and inoccupancy. The rehab costs include any maint over past two years for two of them. The third, everything is new.,  Everything is in tip top shape and easy to manage. (2 Bed 1 bath single floor under 1000 sq ft.   All profits go back into the business for those rainy days.. I haven't taken a dime out.

First property purchased off of Auction.com. 

Purchase price: $42,000

complete rehab cost: $45,000

rental:   $1250  month

expenses monthly: $400 taxes and $70 insurance

I am refinancing this one. Appraisal came back @ $140K. Taking $84,000 @ 5.5%

Second property purchased off mls.

Purchase price $60,000

complete rehab cost: $60,000

rental monthly: $1500

expenses: $500 taxes and $70 insurance

This one I purchased through a S corp and would need a commercial loan to refinance.  Holding off for now because of the higher rates.

Third property purchased off of the mls. Which is my best deal yet, but didn't realize it when I bought it.

Purchase price $60,000

complete rehab cost: $43,000

rental income: $1550

This just appraised @ $190K.  I am going to take out $114K @ 5.5%.  I could take out up to 80% @5.875, but don't want to push it...

So the money I am taking out is going to help pay off my HELOC that I used to purchase these. I should be closing in next week or two. Are these good investments? Should I look to continue adding more now that I have more money to spend? Are there better opportunities elsewhere? Currently these are within 10 minutes of my house which I am managing on my own. Goal is to get 10 doors in next few years and quit my job working in NYC...

Would like to get into multi family, but not finding any opportunities near where I live in North New Jersey.  Any thoughts, or things I should look to change for future investments, or constructive criticism would be greatly appreciated.  

Thanks so much.