So doing the math, there would actually be 1,053,000 units of ownership and the extra 53,000 units would go to me (5% of 1,053,000 is 53,000 roughly).Feel free to poke holes in this theory, or give me any better ideas!

The math is easy on this. 

Apart from my assumptions and homework, I'd like to hear from other local investors and agents in the area about pros and cons of this this property/zip-code. 

Out of curiosity is my math too conservative or am I not accounting enough expenses?

@Steve Vaughan @Andrew Boettcher @Frank Wong @Erik Whiting Thank you all for the responses.I know in MA the laws are in the tenants favor.

Post some of the deals to the forums and the community will double-check your assumptions and math.

This math doesn't work everywhere but you do need to be somewhere around there to make it worth it...IMO.

Thank you for reading my post.I have been reading BiggerPockets for over a year. We have one house we have been renting by the room for 3 months. There is a promising looking for sale by owner triplex I'm interested i...

I've got 4 SF houses and that math makes much more sense to me being that I'm in the residential RE business. 

You're only planning to put in $5k of work.Without financing, my math shows a cash flow of ~$575/month, ROI of 6.6%, which isn't nearly good enough for me.With financing, you're cash flowing ~$40/month (25% down, 5%, 30-yr).Bottom line, either get it for a lot less or keep looking.