IS this a DEAL Newbie CT

[Account Closed]

I have a 3 family with 2500 square feet. each unit is 2 bedrooms 1 bath. The average rent in the area is 550-700 for each, but the city does have a high turnover rate on rents from what I hear. The asking price is 36k and the repairs seem not to bad. The plumbing is in tact but needs to be connected from the wall to the sink, showers on each unit.There is a spot on the outside where the siding needs to be replaced and filled and goes up the 3 stories. The roof has a spot that can be patched up and some windows need to be replaced but other than that it looks good. The estimate from the agent is no more than 10k but I will of course bring a contractor to make sure. The taxes are 6000 a year in the city so the breakdown would be as

Rent 550 (low ball) x3 1650
Taxes- 500
mortgage- 200-300 (downpayment will be 20-30% on 30 year mortgage)
Insurance- ??
Vacancy- 1650 ( each unit vacant for 1 month?)
Maint- 100 a month?

Does this look like potential deal and are my numbers off on vacancy and maintenance ? thank you

[Des Shei]

Just because it meets the 50% rule doesn't automatically make it good. From the information you have provided, i wouldn't recommend for your first deal. High turnover, it seems as there is deferred maintenance that will need to be done etc. In addition have you spoken to a mtg broker to verify that a bank will lend that low of an amount. most time they have limits (these days some banks try to stay around 60k). Some things to think about. Is this property in waterbury? if so also research Time on market for these rentals( your realtor can help you with that). I may be able to look on the MLS as well if you need help with that.