Have you and your husband put together an action plan / investing plan yet?

Using your numbers you would have to put in a little bit of money the first year since you aren't getting the full rent for one of the units but after that it is positive. 

Typically, at least at my bank, they are going to want to see you put the cash in anyway, regardless of the seller hold back, so in this instance the 250k would just be a second mortgage, the bank would still be in first position on the loan, and still want you to put in 375k...Again, this is all depending on the bank so not every bank is the same. 

Seems like you are positive but at current rents and expenses if your vacancy dropped below 86% (more than 1 unit vacant) you would be losing money.

I don't see how you could make that cash flow without a huge equity position in the properties.

For instance, this particular property has an antique range that I'm positive I can't get parts for.

From looking at what is published, what kind of renovation budget would you set aside for a property like this if all of the market forces were positive?

I feel the second a huge storm hits, your insurance company will be your best friend and you will be out for a long time.How do you manage owning a rental property in shore towns, dealing with water and freak actions of mother nature.Thanks,Cody

It will be very difficult to be cash flow positive at the end of the month if you’re owner occupying one unit and only putting 5% down.  

I don't think turning positive cash flow into negative for the purpose of building your portfolio is a good idea.