Analyzing my first potential deal

[Trevor K.]

Next week I will be looking at my first potential investment property. It is a triplex, I ran the numbers through the BP calculator and they appear to work, however asking for additional advice never hurts. 

Here are the numbers:

Asking Price: $175,000

Taxes: $5617 per year

Insurance: $1950 per year

Water and Sewer: $1770 per year

Unit 1: 3 bed, 2 bath Rent: $1,100 per month. 

Unit 2: 2 bed, 1 bath Rent: $700 per month

Unit 3: 1 bed, 1 bath Rent: $625 per month

Using the 50% expense rule with the calculator it stated that this should cash flow $460 per month. 

I plan on getting a conventional mortgage and putting 20 percent down

All units are currently occupied. The property is in a good blue collar neighborhood within walking distance to an excellent elementary school. 

I will know more on the condition of the units and the building next week, but on the surface this seems like a logical deal. Any and all advice is welcome, thank you for your time. 

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