New Landlord First Purchase

[Thomas Jones]

This will be my first investment. I am 21 years old and am very eager to get my foot in the door.

The Property:
The Good
Short Sale, $125,000
Assessed at $360,000
3 Unit Eash w 7 Rooms, 4 BR 1 Bath.
The Bad
Each unit needs a water heater. Also Unit 3 has lead paint.

According to the Realtor each unit would rent for $1000.
Monthly Payments would be $933. Fully rented that would leave me $2000 in profits.

Is this to good to be true? I know there are going to be bumps in the road but financially it seems too good to be true. There will also be lots of equity in the property when the market turns around as well.

I have $30,000 cash to put down or use for renovations.

First off thank you in advance this is my first post and I am happy to have found such a helpful forum.

Tom Jones