Newark NJ 6 unit - Please help

[Parth Shah]

Hi All, 

    I am trying to obtain my first property and have checked out this property in Newark, NJ.  It is in the Upper Clinton Hill area of Newark. Here are the numbers, tell me what you think:

Purchase price - $399,999

6 unit multi-family - gut renovated 3 years ago

Gross monthly rent roll - $6600 that's with 100% occupancy

Taxes - $13648

total expenses- 23,208 which includes taxes, maintainence,insurance,sewar/water.  Does not include vacancy.  So add another 10% which would total around $30000.

I would be putting down about 25% at 30 years.  Thoughts?