First Time Investor Question!

[Ernie Sturzinger]

Hey Bigger Pockets Forum People! 

My name is Ernie and I am a first time investor. I have been a Bigger Pockets Pro Member for a few months now and am really trying to be cautious while trying to make my first deal with an investment property, but realize that a deal is never going to be as good as I hope. I did a Bigger Pockets analysis on a property I am under contract with and I would like any advice you have on whether you feel it is worth it or not. I have already passed on some deals at the last moment due to the numbers not quite working out in my favor. However, I feel like if I never take this step, I will find an excuse every time to not make the deal. I would appreciate any advice from the group. I feel fortunate just to have the opportunity to get any feedback from a group where everyone has much more experience than me. I've kept some thoughts in my head from Brandon Turner, specifically, he likes to have at least a 10-12% Cash on Cash Return (mine is just over 5%) and $100/door on a multi-family property (mine is just over $100/door). So 1 of his 2 criteria have been met. This market seems pretty hot right now all over the place, so I'm keeping in mind that there may not be any killer deals like when people did this in 2010. I have put the necessary information down below for review. He also talks about knowing your plan for why you want to invest. My plan is for buy and hold for long term and to have passive cash flow until I die or need to sell a property in retirement sometime. 

Purchase Price $248,000

Closing costs: $8000

Repair costs: $5000

Down Payment (25% out of state and multifamily investment property) $62,000

30-year conventional term at 4.875%

Triplex. Unit A $975/month, Unit B $800/month, Unit C $700/month. All units rented through June 2018.

Income is $2475/month. Expenses are approximately $2137/month. This also includes Vacancy Fund 5%, Property Management 8%, Repair Fund 10% plus other utility costs. 

Monthly Cash Flow: $338

NOI: $15,869. Cash on Cash Return: 5.41%

Thank you in advance for your input and whether you feel like this deal would be good or not. 

-Ernie