Looking for my first purchase (Wisconsin)

[Matt Cariello]

Looking to get some feedback on a property I'm considering taking a look at. Here is this info:

3 unit property - fully rented
Asking price: $99,900
Unit 1 - 2 bed, 1 bath, $500
Unit 2 - 2 bed, 1 bath, $500
Unit 3 - 3+ bed, 1 bath, $800
Taxes - $4,105 (2012)
Owner pays sewer and water
Tenants pay electric and heat
All separate utilities

Note - I plan on adding a few properties per year and will certainly be hiring a professional property manager from the get-go. I simply do NOT have the time to manage the property myself.
Also note - I would plan on putting 20% down and financing the rest.

Using the 50% rule, my calculations come out to be very good. What are your guys' thoughts? Thanks!

[Matt Cariello]

This particular property was in Racine.

I ended up finding some others in the greater Milw area that are closer to your figure - you're right, the $99k was a bit too much!