Buying and renting out a Single Family home

[Dylan NA]

Got another question for you guys at bigger pockets:)

Also since I am a beginner, I went on the weekend to chapters and looked at various real estate investing books, if anyone has any good suggestions that could really help me out, please refer me to books, I love reading and learning. With that in mind I have a question.

So I have found a nice single family home,  that I am considering buying. It is currently listed at 227,000, but I know for a fact I can low ball and get them down to around 210,000 or so.

It is in a very good location, close to sports coliseum and LRT station. Has 3 bedrooms and 2 bathroom, total sq footage is 1300. Heres the good thing, built in 1994. So its realitvely new.

The monthly mortgage is 800 dollars, which isn't bad in my opinion.

I plan on renting the whole house out for 1,600 plus they pay utilities, which I think is a very very good price. I looked at other houses in the area being rented out and they range from 1,500 to 1,800 dollars.

So I would only have to pay the mortgage each money as well as property tax and house insurance. House insurance is only 100 a month and property tax 150 a month.

So total expenses is 1050 dollars. I get 1,600 dollars. So I should make around 550 dollars a month cash flow. Even if I make 400 dollars a month extra I would be happy:). Just looking to get my first house no matter what I have to do.

Also I do work as a 4th year electrician so even if something goes wrong like vacancy I make 4,000 dollars every 2 weeks, so a lousy 800 a month in mortgage wont kill me. What is your opinion on this? Do my expenses add up, is it a worth while deal, or should I get a duplex instead or a fourplex?

This deal seems better for me just because I already have 40,000 dollars which is the downpayment needed, in the bank just sitting there right now