Need help with 3plex deal

[Paul Kogan]

Hi all,
first of all I'd like to say that I absolutely love this website and thank you all for you input. In the past couple of weeks I have learned almost as much as I have in 5 years of investing in RE.
I need your help with this deal. I'm looking to take advantage of the market and get on this short sale deal. It's a 3 family house that grosses $4500 monthly. 1 bed,2 bed and 5 bed, all section 8. the expenses are ~9 - 10K annually and that's overestimating. I made an offer for $275K, I'm trying to get it financed with as little down as possible 3.5% - 30years, which will give me ~$1500 - 2000 monthly cash flow. I figured it will cost me about $25000 out of pocket to purchase this house and with the cash flow mentioned above it should pay itself in about a year. I'm looking at this as a long term investment 10-15years and don't really care much for appreciation (i look at it as a bonus:) ). My question is, am I doing the right thing by going with 3.5%? Can anyone suggest a better strategy. your 2 cents would be really helpfull.:)
the property is NY.
Thank you very much!
Paul.