First Deal Need some advice --Rental--

[Nickolas T Philliber]

Looking to purchase 2 units, 120k for the pair.

I am going to put 20% down through a heloc.

The rest of the deal will be financed through a local credit union they are looking to do terms of  

3 yr balloon at 6.5%: 

5 yr balloon at 7.25%:

10 yr balloon at 8.25%

The units pay their own utilities so I will not have to worry about that I will rent the properties out for 800 a piece. 

Here is my math:

Rent-  1600

Mortgage-- 1000 ( after property tax)

HELOC repayment-- 212

Whats left:

$379

I know there is extra fees involved in this, what thoughts do you all have is this a good deal?