Rochester Multifamily Deal Analysis

[Peter Magistrale]

Hi Everyone, I'm a first time real estate investor and wanted to get the community's feedback on a prospective multifamily property in Rochester, NY.  First a little about myself and my goals to give proper context.  I'm a CPA and have the goal of building a real estate portfolio that generates $13k in cash flow per month in 10 years to reach financial independence.  There aren't any attractive cash flowing properties in my local market in Long Island, NY so I researched several markets and concluded Rochester, NY is an excellent market for a cash flow investor like myself.

The deal:

6 unit Multifamily property (two - 3 bedroom units and four - 1 bedroom units) in the Maplewood neighborhood of Rochester.  Total annual rent is approximately $40k, annual operating expenses total $16k, and asking price is $225k. New roof and new kitchens in 3 of the 6 units.  This deal would be financed with a 20% down commercial mortgage.  I'd love to hear from investors with experience investing in Rochester and the overall community's thoughts on this deal.