3 family analysis

[Greg Jastrzab]

After looking at over 2 dozen properties, I think I found one that is interesting to put an offer on. Based on the stats below, I would love to hear some opinions on the worthiness of the investment. My area is North New Jersey which is notorious for high prices on multi-units and very low inventory

3 family house, 2 car detached garage and driveway.

listed at $345k, hoping to pick it up around $320-$325k

3 units to rent, a 3 bedroom, a 2 bedroom, and a studio

Current rents: 1300, 950, and 650

Taxes: 7000, (flood insurance is required although unit does not seem to show signs of previous flooding in last 2 major storms, electrical from 1990 and gas furnace is over 10 years old)

Flood insurance: $1600 (450k worth of coverage)

I got approved for a mortgage at 5% rate after 25% down.

What do you guys think? I did my research and even with the 50% rule, property shows a decent return.