First Property

Hi:

I am about to do my first deal. Here's the scenario:

3 Family @ $169.9k. It will need some work.
2 mortgages, one at 80% and the second at 20%. Interest rate will be 7 or 8% (due to credit)
100% Financing.

How do I figure out what my expenses will be for the month/year? From doing that, how then can I figure out how much profit I can make?

Also, do I just check with the realtor to find out in that neighborhood what houses in fixed up condition go for?

Thank you so much for your help on this!

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