Im about to make an offer on my first MFH.  I don't know if it's necessarily a grand slam, but I wanted a few other opinions. I found a 3 family property, fully rented with long term tenants. 2 - 1br units and 1 - 2br unit.  1br rents for 800 and the 2br rents for 1050, making gross total rent 2650. 

The property is in pretty decent condition, I figure 5k for repairs, all cosmetic. 

3800 a year in property taxes, 

1200 a year in Homeowners Ins. 

1300 for flood ins.  

ARV is approx 190k-200k

Asking price is 185k. Seller is somewhat motivated.

I'll be getting a conventional 15yr loan with 25% down

Any advice would be greatly appreciated. Im open to any and all opinions/constructive criticism. 

Using the 50% rule (generally expenses would be 40-60% of rental income), you're sitting right at about a 7-8% CAP Rate. How does that compare to other multi's in your market of interest. You have two really good things going for you: mixed units and gross rents > 1% of proposed purchase price. However, I would probably shoot for at least 10% below ARV, AFTER repairs (i.e., the $5k), and I would shoot for about 20-30% below to give you some good wiggle room.

From what I was able to dig up, the CAP rate of that area is right around 6-12%, so I don't think it's too bad. Everything seemed pretty sound, I just wanted another opinion, just to make sure I wasn't missing something. Thanks for the advice, I'll keep my process up to date on this thread.