hello and great forum! 
have a chance at my first 3 fam prop.
a little about it:
3-4 bedroom per unit 3 fam.
3 off road parking spots, with more on street.
full basement with storage areas.
prop has lots of repairs so really nothing I must do in short term.
rents:
1st floor is open, estimated rent at $950-$1200
2nd floor renting for $1200
3rd floor renting for $950 (currently they get some $ off rent for doing shoveling snow, taking out trash, keeping area clean, etc
Financing, 5% down, 30 year fixed.
Monthly payment is $2700 and includes P&I, taxes, PMI, insurance est at $1500 (located in MA)
Total rents (lowball) is $3100
- cashflow is approx $300 not including water/sewer and any maint.
If I take in someone on the 1st floor for say $1100, I am at $450, but I have someone that will move in for $950 and take care of the stuff the 3rd floor currently does. I would slowly raise the rents on the 3rd, not to scare them off, to $975, then $1000 in a year so all in call i would be at $3150 in one year so before water/sewer and any maintenance I will have $450 + cashflow and if I put $100 away for maint per month and say $100 per month for water/sewer I will still be at $250 + cashflow.
Other noteables:
Will have between $5K-10K on reserve for house.
House price is $390K in area where city is investing in with new school, road repairs, and new transportation center.
If I market rentals as 4 bedroom, I could take in $1200 per unit which is right around fair market rent for my area, actually $50 cheaper. Of course I would need to take my time with this with some rent increases, so say 3-5 years.
Appreciate any help or comments.
I guess my question after all the blabbering, is projected $250 + cashflow per month a decent investment considering my cost? Possibly up to $600 in a few years with rent increases.