FOURPLEX: Purchasing my first property

[Shane S.]

Hey Bigger Pockets community. I'm looking for advice on purchasing a fourplex in Colorado. This is my first time purchasing so any advice is greatly appreciated!

About the fourplex: It's in Colorado in a lower income neighborhood and was built in 1978 I believe. The previous owners have owned it for many years. They have recently updated water heater, furnace's, roof (last 4 years), and have kept the building fairly well maintained compared to other's in the neighborhood. Below are some transactions for other similar unit in the area; however I do not know the condition they were sold in:

2014 $207,000 

2015 $275,000

2015 $175,000

2016 $205,000

2016 $200,000

About Me: I'm 28, originally from Colorado but living out of state. However I travel back and fourth every three months. For the last 4 years I've been building a business, so now that it's kicking off some cash, I'm using that money to invest. I'm planning on investing for the long term and looking to pickup more units if this one goes well.

The Unit:

Sale Price: $240,000

Unit 1: Vacant possible $725 in rent 

Unit 2: Vacant possible $650 in rent

Unit 3: $625 8 months left on lease

Unit 4: $625 11 months left on lease

Note: The owner is not actively trying to rent out unit 1 or unit 2, and in the neighborhood there are only 3 for rent signs out of 50 fourplex buildings.

Expenses:

Water: Unknown

Sewer: Unknown

Trash: Tenant responsibility

Electric/Gas: Tenant responsibility

Management: 9%

Loan:

Downpayment: $48,000

Interest Rate: 5.125% (Investor Loan)

Monthly Payment $1172

What does the Bigger Pockets Community think?