Analysis on Done Deal - Triplex

[Kim Giannola]

Hello everyone!  I recently stumbled upon this website and have learned a lot of things I wish I knew years ago.  I'm looking for some feedback and analysis on the house I already bought.  This is a triplex, 2 bed 1 bath units, attic unit is smaller with less usable space, first floor is largest/best. That is where I live.  The other units are rented to family members.  Here are the details:

Price:  $178,000 ($142,000, $6000 closing costs, $30,000 renovations) 203k loan 3.5% down, fixed 3.375% rate

Gross Rents: $2200 (if I counted the value of my own apartment)

Principal and Interest:  $831

Costs:
CHIF loan - $205
PMI - $179
Taxes - $425
Insurance - $150
Maintenance/Repair - $100
Vacancy - 0% (Family)
Management - 0%
Water - $125
Electrical (hallways, basement, exterior) - $65
TOTAL:  $1249

NOI: $951
Cash Flow:  $120

Notes on renovation - we took out at 203k loan as well as a CHIF loan for energy saving improvements at 3% interest.  This house was built in 1900 and now everything is up to date.  New furnaces, new hot water heaters, structural repairs, updated electrical, plumbing upgrades, all new windows, new fire doors and exterior doors, carpentry, roof was already great as well as siding.  The only maintenance we've needed since is minor cosmetic stuff and stuff to maintain the lawn.

I can see now that cash flow is pretty dismal as it stands. If we didn't have PMI or didn't have the monthly loan payment we would be around the $100 per door mark. Also I know we are charging below market for rent. If everyone moved out we could charge $900+$850+700=$2450 bringing up the cash flow to $370 or $123 per door.

Any thoughts or feedback would be greatly appreciated!!!!