Please help with this Analysis. New Investor, tips/help wanted!

[Khue Trieu]

Hey All. Due to my fiancee's job, we will have to relocate.  So, I'm looking into possibly buying this 8 unit property.  We're planning to live in 1 unit, and rent our the other 7.  I'm brand new to real estate investing and this could be my first potential property.  So I would like some help and thought I'd run this by the community.  Hoping to get some expert analysis/insights/advice and to make sense of all these numbers.  Is this a bad, ok, good, or great deal?   I'm looking to do as low money down as I can, what's the best financing strategy I should use?  Any help or insights would be much appreciated!  Thanks

- Khue 

Property Type: Apartment Units

Building: One 2 Story 4 up & 4 Dn.

Unit Size: 750 Sq Ft each.

Mix: 8 - 2/1’s

Annual Sched. Inc.: $60,162.00

Operating Expense:$ 16,353.00

Net Operating Income: $39,109

Cap rate: 8.12%

(See Operating Data Sheet)

Condition: Property in excellent

condition. All units were vacated

and rehabbed, Including tile floors.

OFF MARKET PRICE:

Listed price: $530,000.00

Assumable 1st of $343,000.00

5 year fixed @ 4.75% P&I pay-

ment is $1,955.00 Mo. $187K

cash makes easy qualifying to

assume loan and close!