First Investment Property- Need Help

[Pat Cruz]

Hi, I'm A new homebuyer that wants to buy a fourplex investment property with a FHA loan. The fourplex has currently been remodeled and seems to be in great condition. All I would like to really know is if investors or experienced people in the real estate profession believe this property to have sufficient positive cash flow and if it's the right time to buy. Please help me thanks! Here are the details:

Asking Price: $187,000

Purchase price: $180,000

Base Loan amount: 173,700

Down payment: $6,300

UFMIP (1.7%): $3040

Total Loan amount: $176,740

3 - one bedroom units $500

1 - two bedroom unit $600

Total monthly: $2,100

Monthly payment: $1,343 including:

Principal & interest: $804

Property Tax: $180

Homeowner insurance: $67

FHA: $148

Repairs: $60

Vacancies: $84

If you need more information, please let me know what it is you need to know.