First Deal - What Am I Missing? Need Some Help...

[Kyle Banks]

BP - I have a deal and I think it's good, but I can't get the math to add up and I feel like I am wanting it to be too rich, or I am missing something. 

4-plex, built in 1900

2 - 1/1 (currently rented for $760 and $900.  ONe has been renovated, one has not)

2- 3/1 (one currently rented for $1,350 and one working to get approved for $1,850 for section 8)

Off market purchase price of $460,000 in Ohio

I show new property taxes will be roughly $750 a month.  We will use a property management company, so planning roughly 10% there.  

With both 3/1's rented at the current $1,350 rate, the 1% rule falls just shy. New roof this year, 3 new water heaters (1 older). 

 I am struggling with analysis paralysis.  I want to close my first deal, but don't want to rush something. 

What is your take???

[Rick Albert]

Did you account for vacancy, repairs, and capital expenditures? Property management only starts at 10%. In actuality it ends up around 15%-18% when you include finding tenants, upcharges for repairs, etc.