New to real estate investing

[Daniel S.]

Hello!

I am a total newbie when it comes to real estate investing and have recently began looking more into it.  I have come up with some savings and looking for a steady stream of income, perhaps from a multifamily.

Would love to get educated by all those who have been there and done that.

One question I do have right off the bat tho, I seem to see all these multifamily homes on loopnet with decent Cap rates and a decent NOI but when i deduct what the debt service would be for financing such a property even with 30%-35% down, I seem to arrive at a net profit figure of something like 5-6k/yr. Is that right? or am I doing my math totally wrong? (I've looked at properties in Phoenix so far)

Thanks!