Advise on potential property

[Jonah Champagne]

Hello, I am new to this site and I have a question. I have been looking to get into real estate investing since I finished college and started working about 1 1/2 years ago and have been looking for potential investments since. I have recently come across a triplex that is for sale. The current rental income totals $2250/month + roughly $150/month income from coin operated washer/dryer. Would this be a good investment? My plan was to actually live in one of the units and rent the other two for a combined income of $1500 + roughly $100 from washer/dryer. To do this I would finance the property as an owner/occupant (lower interest rate) using FHA with an estimated payment of $1500/month (principle/mortgage, insurance, mortgage insurance, and property tax). When I work through the numbers the original numbers for a fully rented state, it doesn't seem like there would be any cash flow. However, $2250/month + the extra $150 for a $175000 investment property seems really good compared to most every property I've seen since I began searching 1 1/2 years ago! I guess I'm beginning to get discouraged; I really want to get an investement going, but it doesn't seem like any that I find would produce significant cash flow. Please give me your thoughts and advices.

Thanks,

Jonah