If you have not already do research on the area crime stats, use google maps to walk the streets to get a feel for the area. just by the price alone I can tell that is going to be a tough property to manage.(ask yourself what type of tenant base is it going to be?) If you can't answer that, you defintly need to find out before anything.
Even if it comes with 3 renters already have you asked to see there leases and rental payment history. Doing research on the existing renters like if they pay on time or at all and how long have they been there-not verbally from seller but actuall proof with leases and rental deposit proof into his account and the dates it was deposited. You may be just be buying a property where the seller has put in tenants that are not qualified due to lack of experience or trying to fill up the units.
Call 3 property managers in that area and ask if that property/location is a good area if the price was right. Ask them to even drive by and take a look for you and if they could send a video or pictures, because if you do buy it you may want to use them.
The type of tenant you are going to attract for that area is how easy or hard this property will be to collect rents, manage and find qualified tenants that you feel you can deal with.
Run a sample craiglist add with a similar non existant property and pic, to see the type people who call and if any can actually meet what your standards for a good renter should be
After all that if your still conviced that this is a good deal then actually spend the money getting on a plane and going to the property. Then you will get a good feel for the tenant base you will be getting and the building itself if its solid and looks to be in good shape or has it not been maintained and a work order nightmare.
In my rookie days of buying I bought many properties in places I shouldn't just because on paper it looked like an awesome deal without even seeing the area and with my lack of exeperice thinking that I would be able to collect rent in those areas on time and with easy( wasn't the case). I have spent the last 3 years getting rid of them and buying in better areas which I should have in the first place.
You also metioned you would live in the 4th unit? After you take a trip down there and see who the other 3 people that rent the property are like currenlty should you even then start thinking about that.
If it was me, I would take the 60 k and use that as a deposit towards something in a much better area and get a mortage for the rest and break even or even get a little cash flow. ( but that's just me)
Then contuine to work hard at your job and then save and buy another and keep doing that.
I would never live in a c-d class neighbourhood and move across the country and stay in the 4th unit either. For whatever you think your going to gain from doing that, it's not worth it (but that just me)
Good luck- in this game cash flow is nice but not everything!
Excuse my spelling and grammer
