Is this a good deal? 8 unit rental property @ 350k
I am looking to purchase an 8 unit apartment building in a good area. Purchase price is $350k, with 20% down puts me at $70k invested (before closing costs) and $280k financed for 15 years. Property gross income is $66k/yr, net income AFTER mortgage is about $30k/yr with room for repair, vacancies etc. I feel like this is a decent deal, getting about 45% cash on cash return per year and getting initial investment back in a little over 2 years while mortgage is being paid for by tenants etc. I feel like the numbers work but I am a little sticker shock on the purchase price. Thats a lot of money. Tax value is right at 350k, so it seems to be a fair price. Just a lot to bite off. I'm a little concerned if I purchase this one, that will keep me from purchasing more next year once I get a whopping 280k owed to the bank. I know many surpass that x10 but it just seems like a lot of money. After 2 years I get to put about 30k in my pocket and after 15 years I could have $450k net from this account plus 280k mortgage paid off. Price still worries me a bit as its a lot of debt to be stuck with for awhile. Thoughts on this deal? Thanks!!