First Triplex, is it a deal?

[Kelly Skeval]

Hello,

I am hoping to get some advice on an opportunity I have to purchase a triplex.  I currently own 3 duplexes and have been a landlord for 5 years now but this would be my first triplex and largest purchase.

I live in Central NY area and a college town where we have a strong rental market and this property is right downtown in a desirable area.  The asking price is $300,000.  It has a 3 bedroom ($1300/mo, seller reports same tenants for 3 years and rent could be higher but chose to keep it at original lease rent), 2 bedroom( $1150/mo)  and 1 bedroom apartment (850/mo).  The 3 bed unit pays it's own utilities while the 1 and 2 bed apartments pay their own electric and cooking gas but owner pays the heat.  Unfortunately I'm not sure what that number is.  Annual taxes look to be $6500. I estimate insurance to be $950.  I plan to self manage and I'm having trouble determining vacancy rate and maintenance.  In the 5 years I've owned my duplexes I've never had a complete vacancy, as I said we have a strong rental market here.  I feel as though 10% is too high.  As for maintenance 10% is high for my other properties but maybe this one requires more work.

For the purchase I will use a commercial loan at 5% interest and 25 year term(assumed interest rate, may be lower) for 80% and the seller is willing to finance the other 20% at a 1/2 point higher than the bank with same term. 

I've run the numbers and they look ok especially considering I will be financing the entire purchase but this triplex is a little out of my comfort zone so I'm hoping to get some feedback from experienced number crunchers! Thank you advance!