New - Plan for Rentals (Am I on the right track?

[Justin Broster]

Hello There! I'm new to this type of investing and I continue to expand my education on the topic, but I need to know if I am on the right track.

I'm 24 and plan on spending nearly half of my cash reserves on property. I want to start out with a buy & hold/rental property. I'm looking at three family properties and there is one I am zeroing in on. It is in a decent neighborhood with a general upward trend yearly. 

The property is a three family with the bottom floor (3 bedrooms) renting at anywhere between 1,000 and 1,200 historically, the second and third floor are 2 bedrooms renting for 625 and 825 respectively. The property was recently re-done and the person who actually is selling introduced me to the idea of investing in real estate flips properties and does a significant amount of renting. She's left it up to me to decide on which properties and challenged me to do my own research that she will evaluate.

Here are the numbers I've run based on some research:

Purchase	150000
Cash to Close	30000
Monthly Rent	2400
Prop Tax	150
Ins	67
PM	0
Mortgage	533
HOAIA	0
Vacancy	240
Repairs	240
Expenses	1230
Cash Flow	1170
Cap	0.0936
Cash Return	0.468

Am I missing anything? What other forms of research should I do?