Quote from @Jeffrey Bourque: Hello All, I am new and this is my first attempt at purchasing a property with the intent to create monthly cash flow.The property: Triplex Listed at $140,000 - Total monthly rent income $2,150 - Tenants want to stay and are all willing to sign new leases for 3 years - 8 beds 5 baths and 3,500sqft livable space on a 4,800sqft lot - Heat and electric paid by tenants and water trash paid by owner $180 month - I have managed to talk the selling price down to $105,000 with a kick of $10,000 for closing and commissions so $115,000 all in - Building is in fairly good shape according to pictures and questions but have not done a inspection yet - some general maintenance repairs are needed according to the seller but nothing that seems to bother the tenants. - Taxes are on the higher side at $6,000 yearMy Numbers: $115,000 putting 20% of my money $23,000 and finance the rest with total expense of $1,834Monthly expense numbers: Future Maintenance 13% $273 - Vacancy 5% $105 - Property Insurance 5% $105 - Property Taxes 23% $500 - Property management 10% $215 - Office/Travel/Legal 4% $84 - Mortgage 26% $552 - Monthly Cash Flow - $316 per month or $3,792 per year so Cash on Cash = 17%I think this looks like it is a deal worth doing and I also believe I can bump the total rent up by $50 each tenant which I think make it even better.

Where do you suppose the water will go?

@Edreco AmosMiami’s market can be tricky for cash flow since condo fees and insurance costs can eat into your profits, especially with newer buildings or those near the water.

I'm new to the real estate investment game and I'm a bit nervous about dipping my toes into unknown waters. 

An auto body shop across the street that "stores" cars needing work there.Since abandoning the home, major landscaping would also be needed to clean up the walkway to the water.

@Alecia Loveless is correct--tenants need access 24/7 to their electric service panel, water and heat, assuming those are individual utilities for each unit. 

ARV 900Total reno was 170k Appraisal $399.00 Shut off valves $95.75 paint $300.18 Commeercial enzyme cleaner $72.09 Water activation fee $51.38 shut off valves $38.52 Kilz restoration primer $275.66 Kilz restoration primer $150.33 Shower tile-Master.

Actual cost takes into account depreciation so complete destruction of a property could leave you under water in terms of the amount paid for the loss.

I'd hate to see you lose all your belonging to water damage Ms.

Water galore.