Is this triplex a good deal?

[Mark Devens]

I'm looking at a triplex with a studio, a 1 bedroom and a 2 bedroom apt with unfinished basement. It is a foreclosure through hud. Water lines don't hold pressure and they won't let us activate water until closing so I'm planning for the worst which is replacing all the plumbing. That was quoted at around $15k including drywall. Needs paint and flooring. I plan to owner occupy.

List price: $90k

Monthly payment after financing repairs: $800

Insurance: $90

Rent: Studio-around $400, 2 bd around $800 1 bd around $550. I plan to live in the 1 bd for a couple years

This is the first property I've ever seriously looked at, and I'm just wondering if these numbers work out. They do right now because I won't be paying rent to someone else so I'll save that much, but what about in a couple years when I move out, hopefully to occupy another property?

Would you offer less? Ideas what the plumbing issue would be? Thanks in advance!