My first deal - Multi-Family yes or no?

[Phillip Le]

Hello,

I'm a newbie REI, looking for my first deal, so any advice will be much appreciated. I've been looking at this deal below, the asking price seems very fair but from the pictures, it seems like it needs a lot of TLC and rehab. I'm not sure how much the costs for rehab will be, but should I even consider this as my first deal? The cashflow is very tempting, which is why I'm very interested in this. FYI, I'm looking to buy it with straight cash (possibly borrowing from private lender), and will refinance it afterward. This property is in Louisville KY so any insights from the local investors will be much helpful, and thank you !!

 http://www.loopnet.com/Listing/20155023/3928-South...