Need advice on this deal

[Allan Quintela]

hey BP! So tomorrow I will be going to an open house to check out a triplex. I want to see if you guys think the numbers are good and see if it's a deal i should put an offer on if everything in the property looks good. So here are the numbers (let me know if any other value is missing)

This is an FHA loan

Sale price: $400,000

Unit 1 income: $1,300/mo

Unit 2 income: $1,350/mo

Unit 3 income: $1,200/mo (I will be living in one unit so I am not counting the income of this one!!)

[All numbers are rounded up]

Estimated prepaid items: $3,200

Estimated closing cost: $5,300

PMI, MIP, funding fee: $6,300

Total cost: $415,000

I'm putting about 10% down as of now which is about $41,000 (may put less depending how the numbers come out)

Term: 30 years

APR: 5.5% (yes high I know)

First mortgage (P&I): $1,910

Hazard insurance: $100

Real estate taxes: $343

Mortgage insurance: $240

Total payment (PITI): $2,600

All other mostly payments estimated: $700

Total all monthly payment: $3,300

(I am not sure what they consider all other monthly payment to be and where they came up with $700 but that's what I'm going by)

All these numbers are taken come the bank pre approval summary.

I will be living in this house with my gf for atleast 2 years than eventually will rent all 3 units.

I also dont know yet how much utilities cost so ill have to factor all that in after.

From my quick math:

$3,300 - $1,300 - $1,300 = $700

After all expenses I'll be living in a 3 bedroom apartment for $700. (Eventually renting it out for another $1300)

Ps. On the MLS disclosure it says rent prices are low for that area so may have small room to raise it but I am not counting on it.

Sorry for long text but let me know if this sounds like a good deal! Will be my first triplex!!