If people tend to stick with longer leases (2+ years), this might be a safe assumption, but if everyone's on a year to year lease, this might go up a bit.- Property management: do you plan to property manage the building yourself?

I think that in general most people would recommend selling this property and investing in a better income producing asset for a few reasons (not coming anywhere near the 1% rule, roughly a 3% CoC return after refinance (I made some assumptions), negative CoC return without refinance,...), but...for it being a first rental property it may not be a bad option to hang onto for a few years to learn the game.I would think that you would not want to refinance, instead keep the money and start looking for your next investment.

Making a number of assumptions that you don't have control over.

Thank you A local investor had told me that a family member had gotten an fha for their triplex and since I knew they never lived there I made the assumption that FHA must of had a program I didn't know about.

One assumption I will challenge you on (in an encouraging way!)

Please also account for ALL assumptions and verify those rent numbers! 

So now you are NETTING (25k), 8.33% per year on your $300k purchase price.Even if the property were to be purchased for $200k, you are still only making 12.5% on the most optimistic assumptions. 

Because your budget is limited (my assumption) you should try to stack you marketing.

Assumptions:  2% rise in rent, expenses, taxes, and insurance each year.  

I start with the assumption that I am *not* going to put more than $25,000 into a property, "All in."