I am new here so please let me know if I've left something important out.
I am looking at a 3 family in Framingham MA that is listed for 410K. First and second floors are in good shape and already rented at $1500 each for a total of 3K/ month till April of 2021. Electrical has been done for both these units and one of the heating systems. The other one is 5 yrs old. The third floor needs some work (~20K). The roof is 15 yrs old and some work on the exterior is needed. The floors are all hardwood throughout and in good shape. Principal, interest, mortgage insurance, house insurance, and taxes amount to about $2600/ month (getting this through FHA). If I fix up the third floor in the next few months and rent it out for 1000-1200, I'd have 4000-4200 of rental income. Minus 2600-2800 of expenses (or even 3K) I am left with well over 1000/ month. Does this sound like a good investment? What am I missing? Any help would be very much appreciated. This is my first real estate investment
