The Yearly income is $147,204 and the expenses are $32,808(Insurance, Taxes, and Utilities).  

I value this based on the numbers I've calculated and also being that the utilities are not separated.

I think for my first deal we are going to be looking at utilizing the low down Owner-occupancy route to find a cash-flowing 2-3 family, which we currently have plenty of cash for the DP.

I called the city utilities department and explained them I have a 2" line with 1 water meter, so the base charge should be 120$.

After ALL the expenses (taxes, insurance, vacancy, utilities, maintenance, cap ex, HOA, Mortage ect) would it still cash flow an acceptable amount with two tenants?

For example: they may list a water leak as $1000 repair when it may be a $7 shut offInspections on HUD homes are costlier and it some cases not possible in some cases do to the inability to turn on utilities. 

That being said, the calculators here on BP should be utilized.

Naturally it depends on kind of actual project from just better house to luxury unique house if this is acceptable for this location.

A newer system might save lots of fuel and future utility cost. 

- it's always good to see another Hoosier utilizing this great site!