Should I purchase this building?

[Ian Handel]

Thank you for looking over the numbers for me. I am closing on Friday and am getting a little cold feet. I just want to make sure my numbers really do work. This is my first property, and I hope to build a portfolio.

I am doing a 3.5% FHA loan. The cost of the house is 330,000 and seller is bringing 11k for closing costs.

I have three 2bd's and one 1bd. They all rent for about 1000/month.

My monthly PITI is 2800.00

I add in my snow, building electric, oil on two of the units ($1200), water/sewer ($1200) etc and I come to a yearly expenses of 37,000.

It will earn 48,000 in rent plus about 1500 in washer/dryer fees.

So I have a cash flow of 12,500. But that does not include maintenance or vacancy rate.

Do you think these numbers make sense? Would you buy this property?

It is in good condition and in a good location.

Thank you,

Ian