Nervous about potential first deal
Hi BP people! I love this forum and I'm just a fledgling compared to most of you here. I have a question. I have an option to buy a 171k triplex with an FHA owner occupied loan. It will cash flow $100 while I live there and $600 with all 3 units rented. I'm just nervous about the deal. The property is by far he nicest structure on the block as a 2012 fully restored two story 1931 house. 3000 sq ft. The owner says it stays rented 90% of the time. The total expenses for the property are $1300 and can produce $2100 per month. I budgeted $200 per month for upkeep. I plan to save all the cash I can and refinance to a conventional loan asap. Does this sound like a good deal?