First Deal - Need advice/numbers check

[Justin Broster]

I'm about to get my feet wet into investing, and I will be investing a pretty sizable chunk of my savings too. The area is the Indian Orchard part of Springfield in Massachusetts, and this home is a bit above the median price in this market (Advice here)

Here are the numbers:

Three Family (Top Floor, 1bd, 600-700Mo) (Second Floor, 2bd, 800Mo) (First Floor, 3 BD, 1,000Mo) Roughly 2,400 income

158,000 Purchase

31,600 Down

4,000 closing approx

Resulting in 126,400 loan

P/I=603

Sewer=100

Insurance=84

Garb=50

Tax=233

Building in 10% Vacancy & 10% Repair = 240/240 with a 120/mo property management 'just in case'

That brings cashflow to 723 & cash ROI to 24%. If I have a good year that is 1300/43%

Misc: roof installed 10 years ago, 30 year roof

brick foundation just pointed

built in 1907

Is there anything I am missing here? Is this a good starting investment? I really do want to get into having multiple properties in the coming years so this one is definitely the most important.

Thanks!