My first deal Does this look good?
So I found my first multi-family deal and want to see if you guys think this is a good investment.
Purchase price: $197,500
FHA 3.5% down: $7,000
Mortgage, taxes, Insurance: $1,535
2 Bedroom rent: $1,100
1 Bedroom which I'll live in for a year but could rent for $850
Barber shop in building: $650
The only thing I pay for is heating which was $2,000 total for last year the rest of utilities or paid by tenants.
My question here is with me owner occupying I will clear $215 but once I move out I will clear $1,065. Would you guys consider this a good deal?