Does it make sense to buy an overpriced multifamily residential rental if the rental income cancover the mortgage payments (inclusive of PITI)?

My current condominium has an outstanding mortgage of $190,000 and I collect $1,500 a month in rent from my friends with all bills inclusive.

This is not inclusive of any points from lender charged to me, appraisal, etc. 

BP show me proof.If possible, can anyone provide an address of an investment (all inclusive) that they acquired and currently rent that met the 2% rule (or somewhat close)?  

Equity now 250,000Each house rents for 1,000 a month. 60,000 a year gross - 30,000 expenses = 30,000  Mortgage at 5% about 1,074 a month = 12,88830,000 - 12,888 = 17,122 cash flow a yearOff the 50,000 about a 34% annual return.Now this is a very basic calculation so it is not inclusive of everything.

Their rent of $1350 is market average - no immediate ability to increase most likely (plus I prefer to be conservative in my estimates).Given 18% repairs/capex ($241/mo), 5% vacancy ($70/mo - even though the tenant wants to stay long term), and the inclusion of taxes($110/mo), insurance ($120/mo) and mortgage cost ($540) I'm still cash flowing ~$300/mo on $29k total cash invested. 

$750 a month to drive you around town and impress the friends :).Imagine once a month, every single month being able to go on an all inclusive trip to mexico's top resorts for a 4/5 night getaway, flight included and all you can eat/drink.It's not worth it.

The owner is willing to do a wrap around mortgage AKA all inclusive trust deed.  

Utilities - Water and Sewer 58.33 (Confirmed from seller) - Gas and Electricity 208.33 (Estimating to confirm) - Garbage (NA for this property) - Cable, Phone, Internet 120.00 Pest Control (NA for this property) Accounting and Legal (NA for this property) Monthly Operating Expenses 1,085.00 Net Operating Income (NOI) Total Annual Operating Income 33,480.00 Total Annual Operating Expense 13,020.00 Annual Net Operating Income 20,460.00 Capitalization Rate and Valuation Desired Capitalization Rate 10.00% Property Valuation (Offer Price) 204,600.00 Actual Purchase Price 210,000.00 Actual Capitalization Rate 9.74% Loan Information Down Payment 21,000.00 Loan Amount 189,000.00 Acquisition Costs and Loan Fees 4,000.00 Length of Mortgage (years) 25 Annual Interest Rate 5.000% Initial Investment 25,000.00 Monthly Mortgage Payment (PI) 1,104.88 Annual Interest 9,361.50 Annual Principal 3,897.00 Total Annual Debt Service 13,258.50 Cash Flow and ROI Total Monthly Cash Flow (before taxes) 600.12 Total Annual Cash Flow (before taxes) 7,201.50 Cash on Cash Return (ROI) 28.81%The Official Details From Seller:Asking: $210,000.00Property DetailsStoreys: 2 Building Size:Lot Size: 1045 Square MetersBuilding Size: 2328 Square FeetEstimated Annual Taxes: 3093.00 (2017)Unit 2 Presently rented: Rental Income $900.00 /month (not including Power)FeaturesWater Front Property (In this small town)Flooring Unit 1 Laminate and Unit 2 Laminate, Vinyl and CarpetFoundation - Concrete with 4 foot walls for unit 2 apartment (allows for much natural light with large windows in all rooms)Heating - Baseboard, Electric,Other Inclusions - Dishwasher, Fridge, Stove, Blinds, Washer, Dryer in both units~ Taxes, Water/Sewer paid until the point of SaleOutdoor: Landscaped and water fountainRoof Asphalt ShingleServices Electricity, FibreOP High Speed Internet, Telephone and cable/satelliteWater and Sewer ~ Municipality System approximately $650.00 per yearRoomsMain Floor ~ Unit 1 1260 Square FeetKITCHEN / DINING ROOM 12’ x 15’LIVING ROOM 15’ x 15’LAUNDRY ROOM 6’ x 3’BATHROOM 6’-6” x 11’-6”MASTER BEDROOM 10’-6” x 11’-6BEDROOM # 2 (walk in closet) 9’-4” x 11’-6BEDROOM #3 9’ x 11’-6”BEDROOM / Office #4 9’ x 11’-6”DECK 12’ x 15’Rooms2nd Floor ~ Unit 2 Walk Out 1068 Square FeetKITCHEN / DINING ROOM 10’ x 15’LIVING ROOM 15’ x 15’LAUNDRY ROOM 6’ x 3’BATHROOM 6’-6 x 11’-6”MASTER BEDROOM 10’-6 x 9’-6”BEDROOM #2 9’-6” x 13”BEDROOM #3 10’ x 11’-6”UTILITY and STORAGE ROOM 9’ x 12’BABY BARN 8’ x 10’  

If I were to renovate the basement I estimate it would cast 30-35k and get me 2 units for about 500$ per month inclusive per unit.