First time buyer, found dream property. Minimum downpayment question
This will be my first foray into real estate. Currently looking at a beautiful 3 story multifamily brownstone in NYC area for 400k Three 1 br rentals bring in $2800 of monthly income. Rents can be higher. Owner pays the heating bill. Full basement for storage, backyard. Only problem I have is I only have 40k in the bank but also have a steady income of $3,800 a month with minimal expenses (Still live with parents, owe 20k in student loans) Is this property affordable for me and what is the minimum I would have to put down as a 1st time home owner?