Need help with my first investment!

[Luke Elliott Schneider]

I'm a very new investor currently in a hot market hoping for some experienced advice on my first deal. Hopefully I found the right place!

THE STORY:

For the past year I've been working as much as possible and saving every dime I can while searching for a multi-family property in the hopes of using the house hacking strategy. I was sent an off market deal by an agent that specializes in multifamily properties a couple days ago, ran a quick analysis, as I've learned to do through this website, and found it to be worth perusing. I went ahead and submitted an offer with several contingencies in place to back out if I find anything crazy of course.

MY ANALYSIS:

THE VALUE:

The cheapest similar units I've found in the area are around $1300. I believe at minimum I can get the rents up to $1400 as similar units with similar sq footage in the area are renting $1300 -$1600 for 3 bed 1 bath and no garage. The current owner is absentee and apparently is tired of managing it from a distance. They've owned it since 2001 and don't seem to have kept up with market rental rates.

I have roommates already lined up and wanting to move in that will bring my rent down to $700. $300 cheaper than my 1 bed apt I'm living in now.

THE QUESTION:

I just don't know what else to consider. Is there anything else I may not be foreseeing about this deal that could make it awful? Is this a horrible idea?? I just need a second opinion, I hope I'm not being too hasty with this thing. If any extra info is needed please let me know!

Your time and help are much appreciated!!