First 3 Unit Rental Property - Is This A Good Deal

[Jamael Reed]

Numbers i have so far. Is this a good deal for me to go ahead and buy. This will be my first property ever bought. 

Basement unit rent-$415 a month-7+ year elderly tenants

1st Floor-$550 Rent

2nd Floor-$550 Rent

Total=$1515 a month/$18,180 per year-This will pretty much break even only with the basement rented.

Yearly taxes-$1344.82

Monthly Insurance-$85.00 Replacement cost value 2484 sq x $65 a foot

Grass-$30 a month

Water/Utilities/Garbage-Roughly $150 a month

Property is under professional management charging $500 for tenant placement first month and 10% per month to collect rent, manage, place tenants, do repairs and bookkeeping etc.

Property has had $4000 for tenant make ready when I got it last year

1 unit had new floors installed in the bathroom recently-around $1000

Property is free and clear 

Asking Price $30,000

No work needed and all 3 units are fully rented

My lender rates are 5% interest rate and loan is to be paid back in 4 years. 

loan-$30,000

4 year interest rate-$6,000

total loan-$36,000

Monthly Payment-$750

Total Monthly Income-$1515

$1515-85.00(insurance)-$30(grass)-$151(management fees)-$150(utilities)=$349 Cashflow

is that a good deal or is it not worth the time and effort??

Additional Info I received from seller

current tax assessment $54,900 Annual Taxes 1344.82 

Operating statement attached. There was some fluctuation in utilities because the previous owner skipped on her bills and I got back dated with the balance and had to get caught up. You can see how now it has recently stabilized. For the first period of time we had some repairs that had to be done. I have two bids that were completed and I can send canceled checks of the repairs totaling around $4000 for tenant make ready. I had a tenant recently that left because the tile had a crack that formed that she never let us know about. They decided to break the lease so we kept the deposit and she went on her way. We then had the entire bathroom floor replaced to the tune of around another $1000 just before the now current tenant moved in.

I have requested the other leases etc from my manager. He will get them to me as soon as possible. My agreement with CAPS LLC as well as some common area utility bills are scanned in the last doc together.

This was a tax sale property and quiet title has already been done on the property. We shouldn't have any title insurance commitment issues. Taxes are current as are all utilities etc. There is a small common area entrance as seen in some of the bills and we pay water. Like I said, we had to pay up for the previous owner not paying her bills, because they wouldn't wash the debt even though I wasn't the previous owner, that was the reason for the large Gary sanitary/Water bills when they came back dated months later.....