1st Chicago Property - How _____ did I do?

[Scott L.]

I am just getting my feet wet in real estate, and figure there is no better first post than my first deal! Below are the basics, let me know if you have questions. Just looking for some basic analysis and advice - would be great from my fellow Chicagoans. Thanks in advance :)

4 Unit Property (3 units in main house + coach house)
Price Paid: $280,000
Money Down: $56,000
Monthly Payment (Incl Ins + Tax): $1970/mo
Current Rents: $3665/mo

This is the basic breakdown without me living there. However, I plan to move into the Coach House within 60 days, after the current tenant moves out at the end of Oct, and I do some moderate renovation.

For at least the first year, I plan to be an owner-occupant, manage the property and put the proceeds directly back into proactive improvements, such as replacing a 50 year old water heater (not joking).

My goal is to hold this property for the long term, and acquire more over time, with the second being within 1 year from now.