Found a Deal but Not Sure

[Jeffrey Bourque]

Hello All, I am new and this is my first attempt at purchasing a property with the intent to create monthly cash flow.

The property: Triplex Listed at $140,000 - Total monthly rent income $2,150 - Tenants want to stay and are all willing to sign new leases for 3 years - 8 beds 5 baths and 3,500sqft livable space on a 4,800sqft lot - Heat and electric paid by tenants and water trash paid by owner $180 month - I have managed to talk the selling price down to $105,000 with a kick of $10,000 for closing and commissions so $115,000 all in - Building is in fairly good shape according to pictures and questions but have not done a inspection yet - some general maintenance repairs are needed according to the seller but nothing that seems to bother the tenants. - Taxes are on the higher side at $6,000 year

My Numbers: $115,000 putting 20% of my money $23,000 and finance the rest with total expense of $1,834

Monthly expense numbers: Future Maintenance 13% $273 - Vacancy 5% $105 - Property Insurance 5% $105 - Property Taxes 23% $500 - Property management 10% $215 - Office/Travel/Legal 4% $84 - Mortgage 26% $552 - 

Monthly Cash Flow - $316 per month or $3,792 per year so Cash on Cash = 17%

I think this looks like it is a deal worth doing and I also believe I can bump the total rent up by $50 each tenant which I think make it even better. But I am very worried that I maybe missing something important.

What is the community thoughts Deal or No Deal?