Potential Buy and Hold Deal, Am I missing something?

[Mike Aschettino]

Hello BP!

I could use a little advice on a deal I'm getting into

This will be my second buy and hold investment. The first one I purchased was before I found Bigger Pockets, I did minimal analysis but luckily it still cash flows. This one will be different, I've done my due diligence and I want to make sure you guys agree this is a great deal. 

A little background:

I am financing with an FHA loan, I'm putting 3.5% down. Because I already own a multifamily in the area I'm pretty confident in my rent, tax and water bill estimates. I'd have to put about $20,000 into the place to get it tenant ready/my rental standards however there are already two units that are occupied. My tenants will pay their own Electricity and Heating utilities, the house has separated gas and electricity meters. Haven't done any price negotiation yet so there may be room for improvement. Here's my analysis below, ANY feedback what so ever would be great:

[Mike Aschettino]

@Kyle H. 

Great point. The numbers you see above are with me NOT living there. Thats how I like to look at my deals because in the long wrong I wont be living here. You're right though, Ill run the numbers again to see what it looks like without one unit's rent. Ill be there for a year under the FHA guidelines and then I'm on to the next investment.