BP Feedback/Evaluation on 3-family

[Adam Michael]

I've read a lot of great info on here and am curious as to how you all would evaluate this deal as good or bad.  I was glad to read a post the other day (forget by whom) that said something along the lines of if you're buying a long term multi then cap rate etc doesn't mean too much or isn't the most important, what matters is if the numbers work for you.  Something I completely agree with.  That being said, I view this as an extremely successful deal (in terms of my goals and situation).  Curious as to what the BP community might think.

Background - 3 family house (all 2-bed). I currently occupy one unit. I'm moving out in June and will have occupied the property for 27 months. I've lived rent free, haven't contributed to a mortgage payment and have 1 extra month of collected rent from 2 units prior to beginning payments on the mortgage.  Inherited tenants, one going on 20+ years here, the other 3+.

Purchase price - $290k, 10% down, 30 year fixed rate

Monthly payment - $1860ish - has gone up a few dollars to add to escrow. Includes taxes (around $3400/year), insurance ($2k), mortgage insurance (about $170/month).

Current rents - $1930 for 2 units (slightly under market - I'm happy with the tenants).  Average rent for 2-bed units in the area is $1100-$1150. Will market my unit for $1100 when I move.

Expenses for 2016 - around $4500. Includes utilities (water, sewer, trash pick-up), common electric, maintenance/upkeep items, snow removal. Also includes $60/month for rental water heaters (property came this way - I realize how much $ that is in the long term, but it is completely worry free and saves me an expense if needed to fix).

I think that covers everything.  Your feedback is much appreciated.  Happy New Year BP!