Opinions on a potential deal

[Deacon H.]

I have an opportunity to buy an off-market 3 family house. 

I was wondering if I could get some opinions on this deal. Perhaps I'm not thinking of something.

Market price is around 400k so I'm hoping to get this around the 380k or 385k range since there is no broker fee and we'd likely split the benefit. 

Rent is about 53.5k a year. 

Operating costs are about 21k a year. 

NOI = 32.5k

Cap Rate (assume 385k) = 8.4%

Financing:

I'm trying to find a commercial lender that will allow me to do a 20% or less but am only finding local ones that'll do 25% down. I'm going to keep looking.

If I'm able to find a 20% down, the mortgage will be around $1900 a month and I would cashflow ~850 a month.

Total invested would be the down payment (77k) plus closing costs (13k) = 90k.

That's a COC of 11%.

Is my math right? Is this a decent deal? 

I will be asking for owner financing but what should I target? 5% or 10% down with a 5% rate? 

Is there anything else I'm missing or should consider?