Need Advice On This 4-plex Deal

[Matthew Tierce]

Hello, I have been actively trying to buy my first 4-plex, but the market where I live they are scarce. I found one that is in a good rental area (I have been a property manager for 5 years) and looks to be pretty well kept and stable. The seller won't budge on price, so as they are offering for sale here would be the #'s:

*$2,400 payment

*$2,800 gross rents as is (should be about $3,000) 

*water, sewer, trash about $270

Basically, as-is, with paying PMI it is only barely breaking even. My ultimate goal is to buy and hold for retirement. Does anyone think it is a good idea? I put $300/month away in 401k, so having this pay for itself and maybe come out of pocket a few hundred per month for maintenance and turn over seems OK to me, but I want opinions of other investors. I am not in a position to pay 25% down; I would over the next 5 years like to save for a larger (maybe 10-12 unit), so this would be getting started with FHA.

Any help and insight would be great. :)