Hoping for help with numbers.

[Doug Dias]

Hello everyone,

First and foremost, I am not yet ready to invest. I'm just in my first steps in learning the business.

I'd like your help figuring out if a property like this would be a good deal. It is MLS Listing #70689346 and I've looked at it through ziprealty.com.
This property is in the Boston neighborhood of Dorchester.

For the purpose of this question, I'd like us to assume that this property would be in move in condition and Okayed by an appraiser as in livable conditions. I'd also like us to assume that I put $50,000 down and had another $15,000 to invest in the property after I acquired it.

The house has 3 units, each with 4 bedrooms and 1 bath. The neighborhood is well populated, but tenants would probably be section 8.

Units in this neighborhood, with 4 bedrooms are no less then $1500.

Asking: $330,000
Put down $50,000

Monthly Mortgage (6.5%) = $1,800
Insurance (EST) = $300.00
Taxes (last year) = $525.00
Water (EST) = $500.00
Total expenses: $3,125

Let’s assume I can only get $1400 rent for each property.

Monthly Rental Income = $4200

In my mind this would be a good deal. Of course there are maintenance costs to consider, but could you all give me some input as to whether or not my numbers are way out of proportion? Or if there are other things I should be considering.