Seeking feedback on potential triplex

[Casey S.]

Hi, this will be my first deal and a house hack. I live in Dallas and am looking at a triplex in Cleburne which is about an hour south, near Ft. Worth. It was recently reduced to $165 and has been on the market a couple months. Rents are 550, 600, and 650 and all units are 1 bed/1 bath. Two are 800 sqft. and one is 1k sqft. Appraisal is 156k. It's had many updates but could still use some cosmetic improvements. Because all are occupied with leases, I may not be able to finance as homestead and move in. If not and I stay in Dallas, I would need property mgmt. due to the distance. 

Any suggestions on doing this as a first deal? Nice multi-families in Dallas are hard to come by right now, which is why I've expanded to more rural areas in my search such as Cleburne. Thanks for any feedback.

Desc: Completely renovated duplex and single apartment. Original refurbished hardwood floors, new pex plumbing throughout, new sewer lines, all new paint, new attic insulation, new PTAC AC Heat pump in each unit, new inline water heaters in each unit, converted to all electric, new individual electric and water meters. 

[John Leavelle]

Howdy @Casey S.

Do not use County Tax Assessment to determine the Market Value of the property. Listing price will almost always be higher than Tax assessed Value. It is only useful to see what your tax requirements might be. You need to use recently sold comps to determine the appropriate Market Value/ARV. Then make your offer based on the condition of the property compared to the Market Value and what numbers work for you.