Deal analysis, is this worth it?

[Neildon J.]

I'm a novice investor in real estate especially multi-family property and I am needing some help to analyse this deal. I am looking at this 4 plex for $350,000. All units are currently rented for $625/ unit, that's very low for this market area. On the high end I can increase Rent to $900/ unit. My NOI would roughly be $400/ monthly. My mortgage, taxes and insurance would be $ 2100.

Now here is the dilemma, to close on this deal I would need 20% ( 70,000) and an additional $20,000 for closing. To get these funds I would need to get the down payment ($70,000) from home equity ( line of credit) which will add $400 to mortgage. So with this information what should I do?

Thanks

Neil