Help me analyze my first deal!

[Craig Garrow]

Hey, everyone! I'm looking to pick up my first apartment deal here in town. It's a small triplex, one two bedroom apartment that rents for $500, and two one bedroom apartments that need $2,000-$3,000 worth of rehab each, but are currently rented for $485 and $475 and the owner currently includes their electric, which I plan to have separated, so I am not factoring in a monthly electric bill here. I'm hoping to pick this property up for $42,500. Rent roll is $1460/month. I'm going to shoot for a short term seller financing deal with $3,000 down, amortize it for 20 years at 5 percent, and probably a 3-4 year payoff. Property taxes run about $2,800 per year, and it will cost me about $480/year for trash pickup, and $600/year for snow removal. Water/Sewer will run about $800/year, property insurance will be about $1,500 per year. I'll maintain the lawn myself, and set 5% of the gross rent aside per month in a reserve account. Let me know what you guys think!