My first deal a Multifamily 6 unit

[Menachem Bloom]

my friend wants me to invest together with him in a multifamily 6 unit building, 

is it a good deal?

income 

Unit 1 $1,400

Unit 2 $1,100

Unit 3 $1,100

Unit 4 $900

Unit 5 vacant

Unit 6 Vacant

Parking $200

Total Income as of today is $4,700 a month, with the other 2 vacant apartments renting for $1,100 each it will be a total income a month $6,900

(he claims that he can get from all apartments at least $1,500 a month)

taxes is about $10,000 a year

Purchase price is $670,000.00

is it a good deal? It's my first deal and I don't want to mess it up on my first deal

its in Elizabeth NJ 

should I do it?

[Ray Reed]

@Menachem Bloom it depends on if the building is registered with rent control or not.  if it is registered, the units already have a rent amount on file and you cannot jack it up with a new tenant unless renovations are made. usually you wont have a problem with a brand new tenant especially if you are at market rent.  how many bedrooms are the units?