5x Condos Deal Analysis... Good or bad Investment?

[Ciro LoCascio]

Hey Guys I need everyone's opinion as I am just a couple weeks away from signing a contract on 5x condos, four are 2 bd and 2ba and one is 1bd and 1ba. The price I got him down to is $45,500 each for 2bd and $38k for the one bed room. Totaling $220k. This investment would be my two brothers and I. Downpayment is 25k each, total $75k and receiving a private family loan for the remaining $145k at 2.5% either 15yrs for $1079 monthly payments or 20yrs at $885 monthly payments. Which would be either $12,948 or $10,620 annually. Each unit is rented currently for $750 and the one bedroom for $600. Annually $43,200. Rent is on the low side of the market currently. Expenses would be HOA fees at $146 monthly and $108 monthly for the one bedroom, totaling $8304 annually. Taxes are $600 annually and $400 for the one bedroom, totaling $2800 yearly. I am also calculating 1 month vacancy at an annually total of $3600 and 10% maintenance repairs at a total of $4320 annually. So if we went with the 15yr mortgage it would look like this $43,200-$31,972 expenses +mortgage = $11,228 profit. Divided by 3 is $3,743 each annually and $312 cash flow monthly. Or if we did the 20 yr mortgage it would look like this $43,200- $29,644= $13,556 divided by 3= $4519 each annually and $372 monthly cash flow each. What do you guys think of the deal altogether and if it's even a good deal would I go with the 15 or 20 yr mortgage. Please advise and thanks ahead of time of anyone's input. If you believe price is too high where should I be to have this deal make sense. Thanks