Somerville Airbnb investment

[Alicia Palleschi]

Here’s the deal: 

$1.1M multi family - 4 units. Each unit is 2 bed 1 bath. Somerville MA

Assumptions: we can rent each apartment for $220/night at 60% occupancy per month (about 23 days).

AFTER mortgage, taxes, insurance, cleaning fees, utilities and furnishing the 4 units, we believe our net operating income will be $75k the first year, and $150k each year after that (furnishing the 1st year) and assuming no structural issues or renos.

Some caveats; 1. the home is a historical site and might need some work. 2. We would be emptying all of our cash accounts for the down payment. 

Does anyone own any Airbnb properties in Somerville/Cambridge area and can give my assumptions a reality check? As a first time investor, I would be forever grateful! Thanks!