Potential first deal

[Patrick Hamm]

Hello all, and thank you in advance for any responses.  I'm looking at my potential first deal, and want to run thenumbers by everyone to see if it's even worth pursuing.  The property is a triplex, each unit is 2/1, and approximately 850sqft.  Currently, two of the units are occupied with one being recently vacated.  

I can negotiate the price down to about $150,000 to $160,000

Current rents are $600/unit, but based on other properties in the area, I think some simple updates could get rents in the $700 area.

I am told there is no major rehab needed, but would obviously have a contractor look at it.

I would put 25% down, or $40,000 and finance 20%.  Principal and interest on a 30yr fixed are $594

Taxes and insurance are ~$2000/yr.

I am estimating having to spend $15,000 on updates to get the property up to snuff.

Any thoughts at first glance, or other information I should look into?  Thanks again!