Number Crunching Multi Family

[Aaron Czarnecki]

Ok, here goes....

Just saw a multi family house that we like but had some questions on crunching numbers to make sure it works out for us.  Quick BG: We both are 37 and both make $67K a year. No debt, excellent credit, super money savvy etc... Just wanted to make sure this is a great first home for use to pay off then move forward with a second home in the future. 

Details:

Built: 1900

House is listed for $229,900 *I didn't know how much to bid on but figured I'd say $225 with Closing Cost included as a good deal?

Mill Rate: 37.47

Taxes: $4,645

Acres: .38

SqFt: 2,350

We would live in 1st floor *larger of the two and rent out the 2nd floor *800 sqft aprox? not listed.

Here is the number crunching:

We have to put 25% down to avoid PMI = $57,475 (*60K) leaving us a balance of $172,425

Rent for 2nd Unit *upstair would prob go for $950 or $1k.

We want to do 15 Year Fixed

It's has gas heat for entire unit. everything separate.

Thoughts or concerns.

I think this is a great buy! but need number crunching to support my thoughts. Thanks it's our first post.