First investment a fourplex? Good Idea? Also, creative financing ideas

[Blake Woodham]

Hello all, 

I have been eyeballing this fourplex close to where I currently live and would like to hear your thoughts on it. I am in the military so I cant move into it because I will be leaving town in the next few months. I would like to buy this property and hold it for passive income. 

Property is in a B neighborhood and was recently renovated with new granite counter tops, tile through-out, fresh paint and new appliances. Turn key property just outside a military base. Each unit is 2br/2ba, 1400 sf, fenced in backyard, 2 parking spaces each. 

Fourplex Listed at $298,000  (%5 down, 30yr fixed at 5%) 

Currently rented for 800 in all four units ($3200/month) (7ish months left). Listing says it has a great rental history but I haven't seen the numbers/contracts. 

This nifty spreadsheet is broken down by the first month returns, and each year after...

                                                                   1st Month               Year 1               Year 2 

Gross Scheduled Income	$3,200.00	$38,400	$38,976
Cost of Vacancy (5.6%)	($181.96)	($2,184)	($2,216)
Gross Income	$3,018.04	$36,216	$36,760
Property Management (8%)	($256.00)	($3,072)	($3,118)
Taxes	($214.75)	($2,577)	($2,603)
Insurance	($233.33)	($2,800)	($2,857)
LLC	$0.00	$0	$0
HoA	$0.00	$0	$0
Maint. Reserve (1yr wrnty)	($64.00)	($768)	($3,898)
Utilities	($192.00)	($2,304)	($2,398)
Other (landscaping)	$40.00	($480)	($480)
Total Operating Exp	($920.08)	($12,001)	($15,353)
Net Operating Income	$2,097.96	$24,215	$21,407
Debt Service	($1,530.87)	($18,370)	($18,370)
Cashflow	$567	$5,845	$3,036
Year over Year RoC	2.3%	28.2%	12.6%

Cumulative Cash on Cash Return- Year 2	$8,881
Cumulative Cash on Cash Return %- Year 2	36.7%

Now, for the creative finance part... I only have the cash reserves for a 5% down on this property. How would you experienced guys go about getting this financed? I have heard of hard money lenders, but do they traditionally finance a a buy and hold? What kind of down payments do they usually require, and what are the average interest rates? Have you worked with or recommend any hard money lenders? Are there any other routes? Homepath, etc?

All in all, what do y'all think? I think this will be a cash flowing property and a wise investment at a young age. 

Are there any major cost that I may be overlooking?