Deal: Triplex with expected 5 months of vacancy?

[Karen Ng]

Hi all,

I'm evaluating a Triplex with owner occupied unit in Montreal area that could potentially be vacant for 5 months (Due to usual big moving date for my area being July 1st annually). The owner agreed to rent for 2.5 months for $1500 (including heat & electricity). I'm evaluating it with $1300 as my gross rental income because I think that's probably overpriced. Plus, I would have 18.6% of vacancy from Feb - June 2017. It has a 3 years old roof and all windows have been changed for the last 3-4 years. Heat & Electricity going to cost me around $4300/year. The other two units would be bringing $1600/month (including heat & electricity), the property price is $387,000. I figured since roof & windows are new, I wouldn't have to worry much about that. If I'm able to rent it out as soon as I repaint the owner occupied unit in Feb/March latest by July 1st, I should still be okay with this deal. Am I too ambitious to take on such a property as my first rental income? I would really appreciate for your insights from fellow experienced investors! Thank you!