Is this a good deal?

[James VanLoon]

Hello BP family, I have been flipping homes since 2003 and now ready to start to buy and hold. I am looking at a foreclosed quad-plex that needs work, it has 1 -4 bedroom that rents for $1,000 a 3 bedroom that rents for $850 and 2, 1 bedroom units that rent for $600 each $36,600 annual income. Tenants are responsible for all utilities. After complete rehab I should be all in at $270,000 ($170,000 purchase and $100,000 rehab cost that includes a 20% buffer for unexpected overtures during rehab) ARV is $325-$350,000. Taxes are $6,200, $1,642 per month on a 15 year Mortage ($19,704) insurance $1,580 total expense for the year is $27,484 not including maintenance or vacancy, the 1st couple of years should be minimal maintenance since we are doing a full rehab. $36,600 income -$27,484 expense $9,116 net per year The building is rented except for the 3 bedroom apartment but tenants complained about broken windows, drafty doors and plumbing leaks. I don't want to be a slumlord so I figured on rehabbing it. It is currently listed for $299,900 but my realtor things after talking with the bank we can get it for $163,000-$166,000. I am not sure if $9,116 per year is worth it? Your help is greatly appreciated.