Friend's first two family

[Sage Jankowitz]

So I just went to dinner with an old friend of mine and he mentioned that he just got his first investment property under contract. It's a two family in a pretty nice area of town. He's having the inspection this week and I told him he NEEDS to get out of the contract. Here are the specifics, and please give your candid feedback so I can pass on to him!

$385,000 Purchase Price
$2,200 Gross Monthly Rent
$1,100 NOI
$385K Mortgage (30 years, 7%) = $2561
-$1,460 per month LOSS