Closing on my first multi family this 03/09/16!!!

[Account Closed]

Finally my first investment property is just days away from being finalized. I think I may be paying a little more than what it's worth but from a cash flow point of view  it makes sense. The house sold in 2006 for 275,000. I am excited and nervous but I came from nothing so I have nothing to loose. I would like to thank the Bigger Pockets community for opening a new chapter in my life and giving me the knowledge and confidence to enter the world of real estate.

Location- Bristol, CT

Area- C+/B-

Year built- 1920

Mortgage payment- 2,050$ (30 year)

Insurance- 1948/year

Taxes- 4600$

Down payment - 10,000$ FHA 3.5%

Utilities- tenants pay for water, heat, and electricity 

Price- 285,000$ with 10,000 seller concession towards escrow.

Gross rent- 3,450$/ 2,450$ owner occupied

Units- 3 family house 

           1st floor- 3 bed 1 bathroom leased for 1250$

           2nd floor- 3 bed 1 bathroom leased for 1200$

           3rd floor- 2 bed 1 bathroom leased for 1000$ (will be owner occupied)