First deal anxiety (its a 100 year old fourplex)

[Jacob Matlock]

Hello, this will be my first deal, needless to say there is quite a bit of anxiety with it. Any insight, opinions, or help would be greatly appreciated. 

Im 25 years old, i have a good paying job, i have a 2 year old daughter, and my wife is 2 months pregnant with our 2nd child. I have about 8k in savings and will be getting a HELOC to pay for the downpayment (interest only payments only on the money I use)

My parents are not investor’s so they have a lot of anxiety about me doing this and they think it is a bad idea.

I am under contract on an off market fourplex in Hutchinson Kansas. I have an inspection contingency so that if there is anything I don't like I can back out.

The property was built in 1921, is 4 units, each of them are 1 bed and 1 bath units. 
I know that im not going to get the best tenants at $550 a month. 
it has four total AC units and heaters a 5 or less year old. 
a roof that is less than 1 year old.

There is new plumbing. 

I was told there was no asbestos.

I was told there were no water, mold, or foundation problems (inspection is next week)

The exterior condition is nice, the siding looks good and the staircase to the 2nd floor is made of metal. 

The units could be updated to add value to the home.

I would find 1-3 maintenance guys that I can call whenever I am having a problem. 

I live an hour away from the property and I work 30 minutes away

I believe my numbers workout too.

[Christopher Telles]

I'm not reviewing the financials. However, I wanted to comment about the property age and description. I bought my 1st commercial deal when I was 30 years old and it was a 1914 built brick industrial building. It had earthquake damage, was involved in the tenant/landlord lawsuit, and needed new truck doors, sewer work and some misc other improvements. At 55,000 square feet my buy was scary, but it turned out the be one of my best buys.

If you do your due diligence, check your inspectors inspection if you question anything (did the roof and plumbing work come with a warranty?) by paying a plumber or roofer or general contractor (structural issues) to go look at it way before the expiration date of your due diligence period.

If all that checks out, and you're good with the financial underwriting then don't be afraid to pull the trigger. Many folks who are not investors do not understand why people buy property, will never understand why people own and rent property, and will likely never buy a rental property themselves. This isn't a knock on your parents, they likely weren't around people who invested in real estate and thus its a foreign subject.

Wishing you a clean closing and perpetual occupancy!