Potential Deal in Kingston NY

[Natalie Olivo]

Hi,

I've been following Bigger Pockets for a few months now and am analyzing a potential first deal with two trusted partners. Here are the numbers:

2 family attached, 3bd/2ba

currently generating $2000 / month to month collectively with 6 tenants total.

(Note: most are students and bachelors)

Strategy: buy and hold

$239,900 asking price (realtor and zillow says its high)

$200,000.00 sales price (the price we'd start bid with)

$179,925.00 loan amount (25% down due to legalities of FHA rules)

$820.00 approximate monthly payment with 3.7% at 30 years

$7000 taxes per year (roughly)

$2000.00 insurance per year (realtor provided estimate)

$1450 rent income for each unit (market rate based on rental comps in the area)

Is this a good deal? Thank you in advance for your help!