3 unit home north of baltimore

[Matt Galosky]

So this would be my first rental property. It is currently occupied and rented for $3175 the house is for sale at 325k. My mortgage would require 25% down and with closing costs rolled in my anticipated total cash to close would be 100k. Loan amount would be 243,750 and cash flow $1775. Take into account maintenance and such i think I should be around 1200 in cash flow. What else should I consider before moving forward? Does this look like a decent first property?

[Tim Jacob]

Is this a room rental or multi family.  3175 is a lot for a place and though Hamilton is not bad its not the inner harbor where even there 3175 is a lot.  Asuming 5 or 6 occupants allocate money to the water bill maybe 100 per month.  300 to 400 in vacancy and maintenance.  Obviously dont know how bad of a state the property is in so thats assuming its not too bad.  Add another 300 for pm and more for leasing.  Obviously if you do that yourself you don't have to pay anyone.  Otherwise taxes will hammer you.  Insurance will add to it.  Probably another 600 there with a lot towards taxes if the assessment is close to the sales price.  Guessing atleast 1300 and probably a little more though I don't know the details.