Please Help - Newbie - Is This A Good Deal?
It's a 4-plex in a mixed neighborhood - some decent houses others deplorable. All 4 units are occupied by Sec 8 tenants. The seller is a rehabber and was going to keep this one for himself as a rental, but he's moving to FL and he doesn't want to do long distance landlording. He's asking $180,000 and would probably take $160,000. Each unit rents for $600/mo. House is in great shape due to major rehab, but will likely not appraise anywhere near asking price due to low comps in the area. Taxes are only about $1000/yr. Owner pays utilities which the seller says run about $500/mo. The bank wants 10% down - which would come from my home equity loan. The seller says that if the bank won't loan the full balance, he'll carry a second - low/no interest - maybe a balloon. He is very flexible. I'm figuring PITI will run me about $1100/mo. With a gross income of $2400/mo. This looks good. Please let me know if you see anything I'm forgetting about this deal. Thanks. 
Based on your numbers this is a great deal:
Income: $28,800/yr
Expenses:
Insurance: $1000 est
Prop Tax: $1000
Maintenence $2400 ($50/mo per unit--adjust if need be)
Utilities: $6000
Debt Service: $13392---144k loan, 7%, 20 yr amort
Debt Service: $1152---16k loan 6%, 30 yr amort
Do you have a management fee?
Do you have a rental housing certificiate fee?
Any other expenses related to the property?
If not you are making about $3800/yr which is $300/mo or about $80 per month per unit...not bad
CONGRATS
I will manage the property myself so I did not add that in. What is a rental property certificate fee?
Thanks for your help.