First deal offer accepted: good or bad deal?

[Nicolas P.]

Hi all, it looks like I'm buying my first investment property.  A 4 unit property 100 miles south of NYC for $310K. Property is in very good shape and fully rented with leases in place. Well managed by current mgmt company, which I intend to keep for 10% of rent roll. 

Income is about $3100 monthly, a 1% deal, or $37K annually. Expenses are in the 50% rule, and including mortgage, vacancy, and rest of calculator expenses including property mgmt I would be clearing about $350 a month. 

With a downpayment at about $60K we are looking at a 6-7% Cash-on-Cash return. 

Area is ok, not growing like crazy but not going south either...growth probably more on the touristic side than on the employment and population side. 

I know this will be my next level RE education, but regardless of that, how good/bad is this deal? 

Finally, as this is a pure investment property and not a house hack, lenders consider it a pure commercial play and all but one ask for 25% down and 5%+ rates...any thoughts on this?

Thanks all for any advice!

Nic