Feedback on potential property

[Breanne A.]

Hello,

I am looking for some feedback on a property in San Diego. I will not be using property management (primary residence) but I am keeping it in the expenses in case I decide to use PM later on.

Purchase Price: $470,000

3.5% FHA- $16,450

3 units (no rent control)

Rental income: $3500 (actual) / $3800 (projected)

Monthly P&I, incl. property tax: $2,825.10

Total monthly expenses including vacancy, management, capex, etc. - $3,416.77

Pro Forma Cap Rate: 6.06%

Purchase Cap Rate: 6.15%