Advice please! Buying a rental property!

[Charles Wang]

Hey folks, 

I am under contract for a triplex in West Palm Beach, FL. We are in a charming, historic neighborhood two blocks from the beach (intercoastal waterway.) Three units are fully rented for 

$2700 a month total.

Purchase price is $255,000

We are putting 25% down so $63,750 investment. With closing costs $73,750 investment. 

Roof needs $3500 repairs, electrical $7,000 and tenting for termites $1100.

Now - none of the above repairs needs to be done TODAY. But at some point will need to be addressed. 

Monthly PITI will be around $1300 - $1500.

I ask --- IS THIS IS  A GOOD DEAL?? SHOULD WE BUY??

[Rich Baer]

@Charles Wang

Look at it this way. You are buying 3 $85,000 houses that need work and still rent for $900 per month minus taxes, insurance, etc. Can you do better in the current market? Only you know that answer. 

Or look at it this way. On your $75,000 investment you are pocketing roughly $1000 per month. Is that a good return for you? Can you do better?